W.P. Carey to repay loans with proceeds of $256 million stock offering

By Susanna Moon

Chicago, Sept. 24 – W.P. Carey Inc. said it plans to repay debt under its senior credit facility using some proceeds of its $256 million stock offering.

The company priced an underwritten public offering of 4 million common shares at a public offering price of $64 per share with a greenshoe for another 600,000 shares, according to a company press release.

The offering is expected to settle Tuesday.

Proceeds will also be used to repay other debt, to fund potential future acquisitions and for general corporate purposes.

New York-based W.P. Carey is a publicly traded real estate investment trust that provides long-term sale-leaseback and built-to-suit financing.

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