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Published on 9/16/2014 in the Prospect News Liability Management Daily and Prospect News Preferred Stock Daily.

Realty Income to redeem all class E preferred stock via new notes

By Tali Rackner and Toni Weeks

Norfolk, Va., Sept. 16 – Realty Income Corp. plans to use $220 million of the proceeds from a new notes offering to redeem all of its outstanding shares of class E preferreds, according to a 424B5 filing with the Securities and Exchange Commission.

The company said in a press release on Tuesday that it intends to redeem all 8.8 million shares of the company’s 6.75% monthly income class E cumulative redeemable preferred stock.

The preferreds will be redeemed at $25 per share plus accrued dividends to the redemption date of Oct. 24.

Wells Fargo Shareowner Services is the redemption agent.

Remaining net proceeds of the new notes will be used to repay a portion of the borrowings outstanding under the company’s acquisition credit facility and for other general corporate purposes and working capital, which may include acquisitions.

The real estate investment trust for retail and commercial properties is based in Escondido, Calif.


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