Realty Income to redeem all class D preferreds, pay down facility

By Ashley Montgomery

Kansas City, Kan., Jan. 30 - Realty Income Corp. plans to use the proceeds of its offering of monthly income class F cumulative redeemable preferred stock to redeem all of its outstanding class D preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

The company said it will spend $127.5 million plus the amount of accrued dividends to redeem its class D preferreds.

Proceeds will also be used to repay a portion of borrowings under Realty Income's $425 million acquisition credit facility. As of Jan. 27, the company said it owed $257.1 million under the facility.

Any remaining proceeds will be used for general corporate purposes and working capital.

Realty Income is a real estate investment trust based in Escondido, Calif.

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