SAN
DIEGO, Nov. 28, 2023 /PRNewswire/ -- Realty
Income Corporation (Realty Income, NYSE: O), The Monthly Dividend
Company®, today announced the pricing of a public
offering of £300 million of 5.750% senior unsecured notes due
December 5, 2031 (the "2031 notes"),
and £450 million of 6.000% senior unsecured notes due December 5, 2039 (the "2039 notes"). The public
offering price for the 2031 notes was 99.298% of the principal
amount for an effective annual yield to maturity of 5.862%, and the
public offering price for the 2039 notes was 99.250% of the
principal amount for an effective annual yield to maturity of
6.075%. Combined, the notes have a weighted average tenor of
approximately 12.8 years, a weighted average annual yield to
maturity of 5.990%, and a weighted average coupon rate of
5.900%.
The net proceeds from this offering will be used for general
corporate purposes, which may include, among other things, the
repayment or repurchase of Realty Income's indebtedness (including
borrowings under Realty Income's $4.25
billion multi-currency revolving credit facility), foreign
currency swaps or other hedging instruments, the development and
acquisition of additional properties and other acquisition or
business combination transactions, and the expansion and
improvement of certain properties in Realty Income's portfolio.
This offering is expected to close on December 5, 2023, subject to the satisfaction of
customary closing conditions.
The active joint book-running managers for the offering are
Wells Fargo Securities, Barclays, BNP Paribas, BofA Securities and
RBC Capital Markets.
A copy of the prospectus supplement and prospectus, when
available, related to this offering may be obtained by contacting:
Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attn: WFS
Customer Service, Email: wfscustomerservice@wellsfargo.com, by
telephone (toll free) at 1-800-645-3751, Barclays Bank PLC, 1
Churchill Place, London E14 5HP,
United Kingdom, by telephone at
1-888-603-5847 or email: LeadManagedBondNotices@barclayscorp.com,
BNP Paribas, 10 Harewood Avenue, London NW1 6AA, United Kingdom, Attn: Fixed Income Syndicate,
by telephone at +1 (800) 854-5674 or by email:
dl.syndsupportbonds@uk.bnpparibas.com, BofA Securities, Inc.,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus
Department, Email: dg.prospectus_requests@bofa.com, by telephone
(toll free) at 1-800-294-1322, or RBC Capital Markets, 100
Bishopsgate, London EC2N 4AA,
United Kingdom, by telephone at
+44 (0) 20 7029 7031 or email: TMGUK@rbccm.com.
These securities are offered pursuant to a Registration
Statement that has become effective under the Securities Act of
1933, as amended. These securities are only offered by means of the
prospectus included in the Registration Statement and the
prospectus supplement related to the offering. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any offer or sale of these
securities in any state or other jurisdiction where, or to any
person to whom, the offer, solicitation, or sale of these
securities would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About Realty Income
Realty Income, The Monthly
Dividend Company®, is an S&P 500 company and member
of the S&P 500 Dividend Aristocrats® index. We
invest in people and places to deliver dependable monthly dividends
that increase over time. The company is structured as a REIT, and
its monthly dividends are supported by the cash flow from over
13,250 real estate properties primarily owned under long-term net
lease agreements with commercial clients. To date, the company has
declared 641 consecutive common stock monthly dividends
throughout its 54-year operating history and increased the dividend
122 times since Realty Income's public listing in 1994 (NYSE:
O).
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Exchange
Act of 1934, as amended. When used in this press release, the words
"estimated," "anticipated," "expect," "believe," "intend,"
"continue," "should," "may," "likely," "plans," and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements include discussions of our business and
portfolio (including our growth strategies and our intention to
acquire or dispose of properties including the timing and terms),
re-leases, re-development and speculative development of properties
and expenditures related thereto; future operations and results;
the announcement of operating results, strategy, plans, and the
intentions of management; trends in our business, including trends
in the market for long-term net leases of freestanding,
single-client properties; and statements regarding the anticipated
or projected impact of our proposed merger with Spirit Realty
Capital, Inc. ("Spirit"), if consummated, on our business, results
of operations, financial condition or prospects. Forward-looking
statements are subject to risks, uncertainties, and assumptions
about us which may cause our actual future results to differ
materially from expected results. Some of the factors that could
cause actual results to differ materially are, among others, our
continued qualification as a real estate investment trust; general
domestic and foreign business, economic, or financial conditions;
competition; fluctuating interest and currency rates; inflation and
its impact on our clients and us; access to debt and equity capital
markets and other sources of funding; continued volatility and
uncertainty in the credit markets and broader financial markets;
other risks inherent in the real estate business including our
clients' defaults under leases, increased client bankruptcies,
potential liability relating to environmental matters, illiquidity
of real estate investments, and potential damages from natural
disasters; impairments in the value of our real estate assets;
changes in domestic and foreign income tax laws and rates; our
clients' solvency; property ownership through joint ventures and
partnerships which may limit control of the underlying investments;
current or future epidemics or pandemics, measures taken to limit
their spread, the impacts on us, our business, our clients
(including those in the theater and fitness industries), and the
economy generally; the loss of key personnel; the outcome of any
legal proceedings to which we are a party or which may occur in the
future; acts of terrorism and war; the structure, timing and
completion of the announced merger between our subsidiary and
Spirit and any effects of the announcement, pendency or completion
of the announced merger with Spirit, including the anticipated
benefits therefrom; and those additional risks and factors
discussed in our reports filed with the U.S. Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on forward-looking statements. Forward-looking statements
are not guarantees of future plans and performance and speak only
as of the date of this press release. Actual plans and operating
results may differ materially from what is expressed or forecasted
in this press release. We do not undertake any obligation to update
forward-looking statements or publicly release the results of any
forward-looking statements that may be made to reflect events or
circumstances after the date these statements were made.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/realty-income-prices-750-million-dual-tranche-offering-of-sterling-denominated-senior-unsecured-notes-301999807.html
SOURCE Realty Income Corporation