By Cristal Cody
Tupelo, Miss., Oct. 6 – W.P. Carey Inc. priced an upsized $500 million of 2.4% senior notes due Feb. 1, 2031 (Baa2/BBB) at 99.099 to yield 2.5% and a spread of Treasuries plus 175 basis points on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
Price guidance was in the Treasuries plus 220 bps area.
The issue was upsized from $350 million.
Wells Fargo Securities LLC, 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 and for potential acquisitions or general corporate purposes.
New York-based W.P. Carey is a publicly traded global net-lease real estate investment trust.
| Issuer: | W.P. Carey Inc.
|
| Amount: | $500 million
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| Description: | Senior notes
|
| Maturity: | Feb. 1, 2031
|
| Bookrunners: | Wells Fargo Securities LLC, J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc.
|
| Senior co-managers: | RBC Capital Markets, LLC and Scotia Capital (USA) Inc.
|
| Co-managers: | BBVA Securities Inc., Fifth Third Securities, Inc. and Stifel, Nicolaus & Co., Inc.
|
| Coupon: | 2.4%
|
| Price: | 99.099
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| Yield: | 2.5%
|
| Spread: | Treasuries plus 175 bps
|
| Call features: | Make-whole call before Nov. 1, 2030 at Treasuries plus 30 bps; thereafter at par
|
| Trade date: | Oct. 6
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| Settlement date: | Oct. 14
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 220 bps area
|
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