Realty Income amends credit agreements for increase in thresholds

By Wendy Van Sickle

Columbus, Ohio, Dec. 21 – Realty Income Corp. entered on Thursday into an amendment to its credit agreement dated April 28, 2022 with Wells Fargo Bank, NA as administrative agent to increase the amount of debt permitted to be incurred by its subsidiaries that are not required to be guarantors under the agreement to $350 million for any given subsidiary or in total, according to an 8-K filing with the Securities and Exchange Commission.

Previously the limit was $100 million in total and $50 million for any one subsidiary.

The amendment also increased the cross-default event of default threshold to $200 million from $125 million.

The company made identical changes to its term loan agreement dated Jan. 6, 2023 with Toronto Dominion (Texas) LLC as administrative agent.

The real estate investment trust is based in San Diego.

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