W. P. Carey (WPC) prices $425 million senior notes due 2033.

W. P. Carey announced today that it has priced an offering of $425 million 2.250% senior unsecured notes due 2033.  The notes were priced at a discount to yield 2.372%, or +108 basis points to the treasury curve.  The company said that proceeds from the offering would be used to repay secured debt and borrowings on its unsecured credit facility.  WPC's unsecured debt is rated Baa2/BBB by Moody's and S&P.

W. P. Carey is an internally-managed net lease REIT that provides sale-leaseback and build-to-suit financing for companies in U.S. (61% of base rents) and International (39%) markets. As of December 31, 2020, the company's portfolio was comprised of over 1,240 properties and weighted toward industrial (25%), office (23%), warehouse (22%), retail (18%), and self-storage (5%) property types.  WPC has a total market capitalization of approximately $19 billion and is included in the Russell 1000 and Russell Global indexes.


02/16/2021