Summary
Realty Income Corporation (O) announced on July 27, 2022, the establishment of a European unsecured commercial paper program. This program allows the company to issue unsecured commercial paper notes with maturities up to 183 days, with a maximum aggregate principal amount of $1.5 billion outstanding at any time. The notes can be denominated in U.S. Dollars or various foreign currencies, aligning with standard European commercial paper market practices. This initiative diversifies the company's short-term funding sources and provides flexibility in accessing capital across different currency markets. Proceeds are intended for general corporate purposes, and the company has a $4.25 billion revolving credit facility in place to serve as a liquidity backstop for these issuances, ensuring stability and support for its debt obligations.
Key Highlights
- 1Establishment of a new European unsecured commercial paper program.
- 2The program allows for the issuance of notes with maturities up to 183 days.
- 3Maximum aggregate principal amount of outstanding notes under the program is $1.5 billion.
- 4Notes can be issued in U.S. Dollars or various foreign currencies (Euros, Sterling, Swiss Francs, Yen, CAD, AUD).
- 5Proceeds from the program are intended for general corporate purposes.
- 6The $4.25 billion revolving credit facility will act as a liquidity backstop for the program.
- 7Notes rank pari passu with other unsecured senior indebtedness of the Company.