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W. P. Carey Announces New €500 Million Unsecured Term Loan
W. P. Carey Inc. (W. P. Carey, NYSE: WPC) today announced that it has closed on a new €500 million unsecured term loan maturing on April 24, 2026 (the “Term Loan”), which was drawn in full at closing. The Term Loan also includes an accordion feature enabling the aggregate amount to be increased up to €250 million (for a Term Loan totaling up to €750 million), subject to obtaining lender commitments and the satisfaction of certain customary conditions.
The Term Loan borrowing rate pursuant to the credit agreement is 85 basis points over EURIBOR, based on W. P. Carey’s credit ratings of BBB+ and Baa1. In conjunction with the closing of the Term Loan, W. P. Carey executed a variable-to-fixed interest rate swap that fixes the total per annum interest rate at 4.34% through the end of 2024. Proceeds from the Term Loan will be used for the repayment of debt, including amounts outstanding on the company’s unsecured revolving credit facility.
A total of ten lenders participated in the Term Loan. JPMorgan Chase Bank, N.A. served as Administrative Agent, Joint Lead Arranger and Joint Bookrunner. BofA Securities, Inc. and Wells Fargo Bank, N.A. served as Joint Bookrunners and Joint Lead Arrangers, as well as Co-Syndication Agents. Barclays Bank PLC, PNC Bank, National Association and U.S. Bank National Association served as Joint Lead Arrangers and Documentation Agents. The Bank of New York Mellon, The Bank of Nova Scotia, Regions Bank and Royal Bank of Canada served as Senior Managing Agents.
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