W. P. Carey (WPC) prices $500 million senior unsecured notes.

W. P. Carey Inc. (WPC) announced today that it has priced an offering of $500 million 2.40% senior unsecured notes due 2031.  The notes were priced at a discount to yield 2.50%, or +175 basis points to the treasury curve.  WPC is rated Baa2/BBB by Moody's and S&P, each with a stable outlook.

The company said that proceeds would be used to repay borrowings under the company's revolving credit facility, and also repay certain secured debt.

W. P. Carey is an internally-managed net lease REIT that provides sale-leaseback and build-to-suit financing for companies in U.S. (63% of base rents) and International (37%) markets. As of June 30, 2020, the company's portfolio was comprised of over 1,200 properties and weighted toward industrial (24%), warehouse (22%), office (23%), retail (17%) and self-storage (5%) property types. WPC has a total market capitalization of approximately $17.9 billion and is included in the Russell 1000 and Russell Global indexes.


10/06/2020