W. P. Carey Inc. announced on November 12, 2024, the pricing of an underwritten public offering of €600 million aggregate principal amount of 3.700% Senior Notes due 2034. The Notes were offered at 98.880% of the principal amount, with interest to be paid annually starting November 19, 2025. The offering is expected to settle on November 19, 2024, subject to customary closing conditions.
The company intends to use the net proceeds from this offering for general corporate purposes. These purposes include funding potential future investments, such as acquisitions and development activities, and repaying certain existing indebtedness. Specifically, proceeds are earmarked for amounts outstanding under its $2.0 billion unsecured revolving credit facility and all or a portion of its $450 million 4.00% Senior Notes due February 2025.
This debt issuance enhances W. P. Carey's financial flexibility and liquidity, allowing it to pursue its investment strategy and manage its debt maturity profile. Access to the Euro-denominated debt market at a 3.700% rate provides a cost-effective source of capital for the REIT's operations and growth initiatives.
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