New Issue: W.P. Carey prices $325 million of 3.85% 10-year notes at Treasuries 185 bps spread

By Cristal Cody

Tupelo, Miss., June 10 – W.P. Carey Inc. sold $325 million of 3.85% 10-year senior notes at a spread of Treasuries plus 185 basis points on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa2/BBB) priced at 98.876 to yield 3.986%.

Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc. were the bookrunners.

Proceeds will be used to reduce debt under the company’s unsecured revolving credit facility.

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

Issuer:	W.P. Carey Inc.
Amount:	$325 million
Description:	Senior notes
Maturity:	July 15, 2029
Bookrunners:	Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc.
Co-managers:	Fifth Third Securities, Inc., Regions Securities LLC and BNY Mellon Capital Markets, LLC
Coupon:	3.85%
Price:	98.876
Yield:	3.986%
Spread:	Treasuries plus 185 bps
Call features:	Make-whole call before April 15, 2029 at Treasuries plus 30 bps; thereafter at par
Trade date:	June 10
Settlement date:	June 14
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered

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