New Issue: W.P. Carey prices $425 million of 2.25% notes due 2033 at 108 bps over Treasuries

By Taylor Fox

New York, Feb. 16 – W.P. Carey Inc. priced a $425 million of 2.25% senior notes due April 1, 2033 (Baa2/BBB) at 98.722 to yield 2.372% and a spread of Treasuries plus 108 basis points, according to an FWP filing with the Securities and Exchange Commission.

Wells Fargo Securities LLC, Barclays and J.P. Morgan Securities LLC were the joint bookrunners.

Proceeds will be used to prepay approximately $330 million of secured debt and for the repayment of additional secured debt.

New York-based W.P. Carey is a publicly traded global net-lease real estate investment trust.

Issuer:	W.P. Carey Inc.
Amount:	$425 million
Description:	Senior notes
Maturity:	April 1, 2033
Bookrunners:	Wells Fargo Securities LLC, Barclays and J.P. Morgan Securities LLC
Co-managers:	Capital One Securities, Inc., Fifth Third Securities, Inc., PNC Capital Markets LLC, Regions Securities LLC, Stifel, Nicolaus & Co., Inc. and BNY Mellon Capital Markets, LLC
Coupon:	2.25%
Price:	98.722
Yield:	2.372%
Spread:	Treasuries plus 108 bps
Call features:	Make-whole call before Jan. 1, 2033 at Treasuries plus 20 bps; thereafter at par
Trade date:	Feb. 16
Settlement date:	Feb. 25
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered

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