Realty Income to repay $472 million of revolver debt via new notes

By Tali Rackner

Norfolk, Va., March 9 – Realty Income Corp. plans to repay debt outstanding under its $2 billion revolving credit facility using the proceeds from two new note offerings, according to a 424B5 filing with the Securities and Exchange Commission.

As of March 6, there was about $472 million of borrowings outstanding under the revolver, which matures on June 30, 2019 and includes two six-month extension options.

In addition, combined with proceeds from additional borrowings under the revolver, proceeds will be used to redeem all of the outstanding shares of class F preferred stock, to fund potential investment opportunities and/or for other general corporate purposes.

The real estate investment trust for retail and commercial properties is based in San Diego, Calif.

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