Summary
Realty Income Corporation (O) has filed an 8-K report detailing an amendment and restatement of its credit agreement. This amendment, effective August 7, 2019, restructures the Company's existing $3.0 billion revolving credit facility into two separate multicurrency tranches. This restructuring allows for greater flexibility in borrowing across different currencies, with one tranche permitting borrowing in up to six currencies and the other in up to 14 currencies. The overall maturity date for the revolving credit facility remains March 24, 2023, and the borrowing terms, including interest rates based on LIBOR, Base Rate, or Foreign Currency Rate plus an applicable margin, are largely consistent with the prior agreement. The applicable margin for LIBOR and foreign currency loans is currently set at 0.775% per annum, reflecting the Company's investment-grade credit ratings. A commitment fee of 0.125% per annum is also payable on unused commitments. The filing also confirms existing senior unsecured term loans and their respective maturity dates and interest rates.
Key Highlights
- 1Realty Income Corporation amended and restated its credit agreement on August 7, 2019.
- 2The $3.0 billion revolving credit facility has been divided into two distinct multicurrency tranches.
- 3Tranche 1 allows borrowing in up to six currencies; Tranche 2 allows borrowing in up to 14 currencies.
- 4The revolving credit facility matures on March 24, 2023.
- 5Interest rates are based on LIBOR, Base Rate, or Foreign Currency Rate plus an applicable margin, reflecting investment-grade credit ratings.
- 6The current applicable margin for LIBOR and foreign currency loans is 0.775% per annum.
- 7A commitment fee of 0.125% per annum is payable on unused revolving commitments.