By Devika Patel
Knoxville, Tenn., Oct. 5 – W.P. Carey Inc. priced $350 million of 2.45% green senior notes due Feb. 1, 2032 (Baa2/BBB) on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.048 to yield 2.556%, with a spread of Treasuries plus 103 basis points.
J.P. Morgan Securities LLC, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC were the bookrunners.
U.S. Bank NA is the trustee.
DLA Piper LLP (US) is working as counsel to the issuer. Sidley Austin LLP is advising the underwriters.
Proceeds will be used to finance, or refinance, one or more completed or future eligible green projects.
New York-based W.P. Carey is an internally managed diversified real estate investment trust and a leading owner of commercial real estate, net-leased to companies on a long-term basis.
| Issuer: | W.P. Carey Inc.
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| Description: | Green senior notes
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| Amount: | $350 million
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| Maturity: | Feb. 1, 2032
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| Bookrunners: | J.P. Morgan Securities LLC, RBC Capital Markets LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities LLC
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| Co-managers: | BNY Mellon Capital Markets LLC, Regions Securities LLC and Stifel, Nicolaus & Co. Inc.
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| Coupon: | 2.45%
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| Price: | 99.048
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| Yield: | 2.556%
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| Spread: | Treasuries plus 103 bps
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| Call: | Make-whole call at Treasuries plus 20 bps until Nov. 1, 2031, then a par call
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| Trade date: | Oct. 5
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| Settlement date: | Oct. 15
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Distribution: | SEC registered
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| Cusip: | 92936UAJ8
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