By Aleesia Forni
Virginia Beach, Jan. 21 – W.P. Carey Inc. priced $450 million of 4% senior notes (Baa2/BBB-/) due 2025 at Treasuries plus 220 basis points, according to a market source.
Pricing was at 99.372 to yield 4.077%.
A previously announced 20-year tranche was dropped from the offering.
The company intends to use proceeds from the offering to repay amounts outstanding under its senior unsecured credit facility, to fund potential future acquisitions and for general corporate purposes.
Wells Fargo Securities LLC, Barclays and BofA Merrill Lynch are 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.
|
| Issue: | Senior notes
|
| Amount: | $450 million
|
| Bookrunners: | Wells Fargo Securities LLC, Barclays, BofA Merrill Lynch
|
| Maturity: | Feb. 1, 2025
|
| Coupon: | 4%
|
| Price: | 99.372
|
| Yield: | 4.077%
|
| Spread: | Treasuries plus 220 bps
|
| Price talk: | 205 bps to 210 bps
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 26
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB-
|
| Distribution: | SEC-registered
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
