New Issue: W.P. Carey sells upsized $500 million 4.6% 10-year notes at 187.5 bps spread

By Aleesia Forni

Virginia Beach, March 11 - W.P. Carey Inc. was in Tuesday's market with an upsized $500 million issue of 4.6% senior notes due 2024, which sold at Treasuries plus 187.5 basis points, according to a FWP filed with the Securities and Exchange Commission.

The notes (Baa2/BBB-/) priced at 99.639 to yield 4.645%.

The company intends to use proceeds from the offering for working capital and general corporate purposes.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the joint bookrunners.

New York-based W.P. Carey is a publicly traded REIT that provides long-term sale-leaseback and built-to-suit financing.

Issuer:	W.P. Carey Inc.
Amount:	$500 million, upsized from $350 million
Description:	Senior notes
Maturity:	April 1, 2024
Bookrunners:	J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC
Senior co-managers:	Barclays, BofA Merrill Lynch
Co-managers:	BMO Capital Markets Corp., Capital One Securities Inc., Fifth Third Securities Inc., PNC Capital Markets LLC, RBS Securities Inc., Regions Securities LLC
Coupon:	4.6%
Price:	99.639
Yield:	4.645%
Spread:	Treasuries plus 187.5 bps
Trade date:	March 11
Settlement date:	March 14
Ratings:	Moody's: Baa2
	Standard & Poor's: BBB-
Make-whole call:	Treasuries plus 30 bps prior to Jan. 1, 2024, then callable at par
Distribution:	SEC-registered

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