Realty Income Corp. (O) prices $600 million senior notes.

Realty Income Corp. (O) announced today that it has priced an offering of $600 million 3.25% senior notes due 2031.  The notes are being issued at 98.987% to yield 3.364%, or 265 basis points over the corresponding treasury.  Proceeds are expected to be used to reduce bank borrowings, including outstandings under a $250 million term loan facility maturing on June 30, 2020.

Realty Income Corp. (O) is a large-cap equity REIT focusing on the acquisition and ownership of net-lease retail (84%) and commercial (16%) properties.  The company was added to the S&P 500 in 2015 and has a current market capitalization of approximately $25 billion.