W. P. Carey Inc. Announces Pricing of €600 Million of Senior Unsecured Notes
W. P. Carey Inc. (NYSE: WPC) has announced the pricing of a €600 million public offering of 3.700% Senior Notes due 2034. The Notes were offered at 98.880% of the principal amount and are expected to settle on November 19, 2024, subject to customary closing conditions. Interest on the Notes will be paid annually starting November 19, 2025. The Company plans to use the net proceeds for general corporate purposes, including funding potential future investments and repaying certain debts. Barclays Bank PLC, BNP PARIBAS, J.P. Morgan Securities plc, and Bank of Montreal, London Branch, acted as joint book-running managers. The Notes will be listed on the Euronext Dublin, pending approval. Investors can access the prospectus on the SEC's website for more details.
W. P. Carey Inc. (NYSE: WPC) ha annunciato il prezzo di un'offerta pubblica di €600 milioni di Note Senior con un tasso del 3,700% in scadenza nel 2034. Le Note sono state offerte al 98,880% dell'importo principale e si prevede che vengano regolate il 19 novembre 2024, soggetto a condizioni di chiusura consuete. Gli interessi sulle Note saranno pagati annualmente a partire dal 19 novembre 2025. La Società prevede di utilizzare il ricavato netto per scopi aziendali generali, tra cui il finanziamento di potenziali investimenti futuri e il rimborso di alcuni debiti. Barclays Bank PLC, BNP PARIBAS, J.P. Morgan Securities plc e Bank of Montreal, Filiale di Londra, hanno agito come gestori principali congiunti. Le Note saranno quotate su Euronext Dublin, in attesa di approvazione. Gli investitori possono accedere al prospetto sul sito web della SEC per ulteriori dettagli.
W. P. Carey Inc. (NYSE: WPC) ha anunciado el precio de una oferta pública de €600 millones de Notas Senior con un interés del 3,700% que vencen en 2034. Las Notas se ofrecieron al 98,880% del monto principal y se espera que se liquidan el 19 de noviembre de 2024, sujeto a condiciones de cierre habituales. Los intereses sobre las Notas se pagarán anualmente a partir del 19 de noviembre de 2025. La Compañía planea utilizar los ingresos netos para fines corporativos generales, incluidos el financiamiento de inversiones futuras potenciales y el reembolso de ciertas deudas. Barclays Bank PLC, BNP PARIBAS, J.P. Morgan Securities plc y Bank of Montreal, sucursal de Londres, actuaron como gerentes de libro conjuntos. Las Notas se listarán en Euronext Dublín, a la espera de aprobación. Los inversores pueden acceder al prospecto en el sitio web de la SEC para más detalles.
W. P. Carey Inc. (NYSE: WPC)는 2034년에 만료되는 3.700% 만기 고급 노트의 6억 유로 공개 발행 가격을 발표했습니다. 이 노트는 원금의 98.880%로 제공되었으며, 2024년 11월 19일에 정산될 것으로 예상되며, 관례적인 마감 조건에 따라 다를 수 있습니다. 노트에 대한 이자는 2025년 11월 19일부터 매년 지급됩니다. 회사는 순수익을 일반 기업 목적, 미래의 잠재적 투자에 대한 자금 조달 및 특정 부채 상환에 사용하려고 합니다. Barclays Bank PLC, BNP PARIBAS, J.P. Morgan Securities plc 및 Bank of Montreal, 런던 지점이 공동 북추적 관리자로 활동했습니다. 노트는 승인을 기다리며 유로넥스트 더블린에 상장될 예정입니다. 투자자들은 SEC 웹사이트에서 더 자세한 내용을 위한 증권 보고서를 열람할 수 있습니다.
W. P. Carey Inc. (NYSE: WPC) a annoncé le prix d'une offre publique de 600 millions d'euros d'Obligations Senior à 3,700% arrivant à échéance en 2034. Les Obligations ont été offertes à 98,880% du montant nominal et devraient se régler le 19 novembre 2024, sous réserve des conditions de clôture habituelles. Les intérêts sur les Obligations seront payés annuellement à partir du 19 novembre 2025. La Société prévoit d'utiliser le produit net à des fins corporatives générales, y compris le financement de futurs investissements potentiels et le remboursement de certaines dettes. Barclays Bank PLC, BNP PARIBAS, J.P. Morgan Securities plc et Bank of Montreal, succursale de Londres, ont agi en tant que co-managers. Les Obligations seront listées sur l'Euronext Dublin, en attente d'approbation. Les investisseurs peuvent accéder au prospectus sur le site de la SEC pour plus de détails.
W. P. Carey Inc. (NYSE: WPC) hat den Preis einer öffentlichen Angebots von 600 Millionen Euro für 3,700% Senior Notes mit Fälligkeit im Jahr 2034 bekannt gegeben. Die Notes wurden zu 98,880% des Nennbetrags angeboten und sollen am 19. November 2024 abgewickelt werden, vorbehaltlich üblicher Abschlussbedingungen. Die Zinsen auf die Notes werden jährlich ab dem 19. November 2025 gezahlt. Das Unternehmen plant, die Nettoerlöse für allgemeine Unternehmenszwecke zu verwenden, einschließlich der Finanzierung möglicher zukünftiger Investitionen und der Rückzahlung bestimmter Schulden. Barclays Bank PLC, BNP PARIBAS, J.P. Morgan Securities plc und Bank of Montreal, Londoner Zweig, fungierten als gemeinsame Book-Running-Manager. Die Notes werden an der Euronext Dublin gelistet, vorbehaltlich der Genehmigung. Investoren können den Prospekt auf der Website der SEC für weitere Details einsehen.
- W. P. Carey Inc. successfully priced a €600 million offering of 3.700% Senior Notes due 2034.
- The Notes were offered at 98.880% of the principal amount, indicating strong demand.
- Proceeds will be used for general corporate purposes, including potential investments and debt repayment.
- The company will incur annual interest expenses due to the 3.700% interest rate on the Notes.
Insights
This
The Euro-denominated issuance aligns well with WPC's significant European real estate portfolio, providing a natural currency hedge. The successful placement and competitive pricing reflect strong institutional confidence in WPC's credit quality and business model. The flexibility to use proceeds for acquisitions and development activities also provides strategic optionality for growth.
This debt offering strengthens WPC's capital structure and enhances financial flexibility. The timing is strategic, proactively addressing 2025 maturities while securing long-term financing at attractive rates. The company's ability to access the European debt markets demonstrates its strong market position and the quality of its predominantly industrial and warehouse portfolio.
The transaction improves WPC's debt maturity profile and maintains its conservative leverage approach. With proceeds available for investments and development, this positions the REIT well for opportunistic growth in its core markets. The international banking syndicate's participation underscores the company's strong institutional relationships and access to diverse funding sources.
Interest on the Notes will be paid annually on November 19 of each year, beginning on November 19, 2025. The offering of the Notes is expected to settle on November 19, 2024, subject to customary closing conditions. The Company intends to use the net proceeds from the offering for general corporate purposes, including to fund potential future investments (including acquisitions and development and redevelopment activities) and to repay certain indebtedness, including amounts outstanding under its
Barclays Bank PLC, BNP PARIBAS, J.P. Morgan Securities plc and Bank of Montreal,
A registration statement relating to the Notes has been filed with the Securities and Exchange Commission (the "SEC") and has become effective under the Securities Act of 1933, as amended (the "Securities Act"). The offering is being made by means of a prospectus supplement and prospectus. Before making an investment in the Notes, potential investors should read the prospectus supplement and the accompanying prospectus for more complete information about the Company and the offering. Potential investors may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, potential investors may obtain copies, when available, by contacting: Barclays Bank PLC, toll-free at +1-866-603-5847, BNP PARIBAS, toll-free at +1-800-854-5674 and J.P. Morgan Securities plc, collect at +44 (0) 20 7134 2468.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer or sale of the Notes will be made only by means of a prospectus supplement relating to the offering and the accompanying prospectus.
This press release is only being communicated (i) to persons who are outside the
W. P. Carey Inc.
W. P. Carey Inc. is an internally-managed diversified REIT and a leading owner of commercial real estate, net leased to companies located primarily in
Forward-Looking Statements
Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act and the Securities Exchange Act of 1934 (as amended), both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding: expectations of the Company surrounding the impact of the broader macroeconomic environment and the ability of the Company's tenants to pay rent; the Company's financial condition, liquidity, creditworthiness, results of operations, funds from operations, adjusted funds from operations and prospects; the Company's future capital expenditure and leverage levels, debt service obligations, and plans to fund the Company's liquidity needs; prospective statements regarding the Company's access to the capital markets, including its "at-the-market" program; statements that the Company makes regarding its ability to remain qualified for taxation as a real estate investment trust; the Company's potential reorganization into an umbrella partnership real estate investment trust and its impact; and the impact of recently issued accounting pronouncements and other regulatory activity. Forward looking statements are generally identified by the use of words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions.
These statements are based on the current expectations of the Company's management, and it is important to note that the Company's actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on the Company and its tenants, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, could also have material adverse effects on the Company's business, financial condition, liquidity, results of operations, and prospects. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties, and other factors that may materially affect the Company's future results, performance, achievements, or transactions. Information on factors that could impact actual results and cause them to differ from what is anticipated in the forward-looking statements contained herein is included in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, as filed with the SEC on October 30, 2024, as well as in the Company's other filings with the SEC, including but not limited to those described in Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on February 9, 2024. Moreover, because the Company operates in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Given these risks and uncertainties, potential investors are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results, which speak only as of the date of this communication, unless noted otherwise. Except as required by federal securities laws and the rules and regulations of the SEC, the Company does not undertake to revise or update any forward-looking statements.
Institutional Investors:
Peter Sands
W. P. Carey Inc.
212-492-1110
institutionalir@wpcarey.com
Press Contact:
Anna McGrath
W. P. Carey Inc.
212-492-1166
amcgrath@wpcarey.com
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SOURCE W. P. Carey Inc.
FAQ
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