Realty Income to repay some revolver borrowings using note proceeds

By Marisa Wong

Morgantown, W.Va., March 27 – Realty Income Corp. intends to repay a portion of the borrowings outstanding under its $2 billion revolving credit facility using proceeds from an offering of notes due 2025, according to a 424B5 filing with the Securities and Exchange Commission.

At March 23, the company had about $672 million of outstanding borrowings under its revolver, which were generally used to acquire properties.

The credit facility matures on June 30, 2019 but may be extended by up to two six-month periods. As of March 23, the weighted average interest rate was about 2.5% per annum.

Proceeds from the new notes may also be used to fund potential investment opportunities or for other general corporate purposes, the filing noted.

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

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