Realty Income signs 364-day multicurrency term agreement

By William Gullotti

Buffalo, N.Y., Jan. 6 – Realty Income Corp. signed a multicurrency 364-day term loan agreement with Toronto Dominion (Texas) LLC as administrative agent on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The agreement comprises a $90 million term loan, a £705 term loan and an €85 million term loan. The agreement also includes an accordion feature providing for up to $1.5 billion of additional term loans.

The maturity may be extended, at the company’s option and subject to certain terms, via two 12-month extensions.

Each loan bears interest at the currency-appropriate benchmark, specifically SOFR, Sonia or Euribor, plus a margin ranging from 75 basis points to 160 bps. The margin is determined by the company’s credit rating and was set at 80 bps at closing.

TD Securities (USA) LLC, Bank of Nova Scotia, BofA Securities, Inc., JPMorgan Chase Bank, NA and Mizuho Bank, Ltd. are the joint bookrunners, each also acting as a joint lead arranger along with Regions Capital Markets, Truist Securities, Inc. and Banco Bilbao Vizcaya Argentaria, SA New York Branch.

JPMorgan is also a syndication agent along with Bank of America, NA.

Scotia, Mizuho and Banco Bilbao are also acting as documentation agents along with Regions Bank and Truist Bank.

The real estate investment trust is based in San Diego.

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