The expansion of the revolving credit facilities provides the company with $5.5 billion in base capacity, with an accordion feature allowing for a potential further increase to $6.5 billion pending lender commitments. This facility is split into two equal tranches maturing in 2029 and 2030. Reflecting the company's A3 / A- credit ratings, the new terms include an all-in drawn pricing of 80 basis points over SOFR, representing a 5.0 basis point improvement over previous arrangements.
Realty Income Boosts Credit and Commercial Paper Capacity to $11 Billion
San Diego-based Realty Income Corporation has overhauled its debt structure, expanding both its multicurrency revolving credit facilities and its global commercial paper programs to $5.5 billion each. The move marks a significant increase in liquidity for the real estate giant, up from a combined previous capacity of $7 billion.
Jonathan Pong, Chief Financial Officer and Treasurer, noted that efficient access to capital remains a primary competitive advantage for the firm. The company will utilize the expanded revolving credit facilities as a liquidity backstop for its global commercial paper programs, which now comprise $2.75 billion for U.S. markets and $2.75 billion for European markets. Wells Fargo Bank, National Association, is serving as the administrative agent for the credit facilities, supported by a syndicate of 26 lenders.
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