NEW
YORK, Nov. 12, 2024 /PRNewswire/ -- W. P. Carey
Inc. (NYSE: WPC, the "Company") announced today that it has priced
an underwritten public offering of €600 million aggregate principal
amount of 3.700% Senior Notes due 2034 (the "Notes"). The Notes
were offered at 98.880% of the principal amount. Application has
been made for the Notes to be admitted to the Official List of the
Irish Stock Exchange plc, trading as Euronext Dublin, and traded on
the Global Exchange Market of Euronext Dublin; any listing is
subject to approval by Euronext Dublin.
Interest on the Notes will be paid annually on November 19 of each year, beginning on
November 19, 2025. The offering of
the Notes is expected to settle on November
19, 2024, subject to customary closing conditions. The
Company intends to use the net proceeds from the offering for
general corporate purposes, including to fund potential future
investments (including acquisitions and development and
redevelopment activities) and to repay certain indebtedness,
including amounts outstanding under its $2.0
billion unsecured revolving credit facility and all or a
portion of its $450 million in
aggregate principal amount outstanding under its 4.00% Senior Notes
due February 2025.
Barclays Bank PLC, BNP PARIBAS, J.P. Morgan Securities plc and
Bank of Montreal, London Branch, acted as joint book-running
managers for the Notes offering.
A registration statement relating to the Notes has been filed
with the Securities and Exchange Commission (the "SEC") and has
become effective under the Securities Act of 1933, as amended (the
"Securities Act"). The offering is being made by means of a
prospectus supplement and prospectus. Before making an
investment in the Notes, potential investors should read the
prospectus supplement and the accompanying prospectus for more
complete information about the Company and the offering. Potential
investors may obtain these documents for free by visiting EDGAR on
the SEC's website at www.sec.gov. Alternatively, potential
investors may obtain copies, when available, by contacting:
Barclays Bank PLC, toll-free at +1-866-603-5847, BNP PARIBAS,
toll-free at +1-800-854-5674 and J.P. Morgan Securities plc,
collect at +44 (0) 20 7134 2468.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of the
Notes in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Any offer or sale of the
Notes will be made only by means of a prospectus supplement
relating to the offering and the accompanying prospectus.
This press release is only being communicated (i) to persons who
are outside the United Kingdom,
(ii) in the United Kingdom, to
persons who are qualified investors, being persons falling within
the meaning of Article 2(e) of Prospectus Regulation (EU) 2017/1129
as it forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018, and who are also persons falling within
Article 19(5) ("Investment professional") or Article 49(2) (a) to
(d) ("high net worth companies, unincorporated associations etc.")
of The Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) or (iii) to persons to whom this
press release may otherwise be lawfully communicated (all such
persons together being referred to as "relevant persons"). This
press release is directed only at relevant persons and must not be
acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this press release
relates is available only to relevant persons and will be engaged
in only with relevant persons.
W. P. Carey Inc.
W. P. Carey Inc. is an internally-managed diversified REIT and a
leading owner of commercial real estate, net leased to companies
located primarily in the United
States and Northern and Western
Europe on a long-term basis. The vast majority of the
Company's revenues originate from lease revenue provided by its
real estate portfolio, which is comprised primarily of
single-tenant industrial, warehouse and retail facilities that are
critical to its tenants' operations and represent the large
majority of the Company's recent investments.
Forward-Looking Statements
Certain of the matters discussed in this communication
constitute forward-looking statements within the meaning of the
Securities Act and the Securities Exchange Act of 1934 (as
amended), both as amended by the Private Securities Litigation
Reform Act of 1995. The forward-looking statements include, among
other things, statements regarding: expectations of the Company
surrounding the impact of the broader macroeconomic environment
and the ability of the Company's tenants to pay rent; the Company's
financial condition, liquidity, creditworthiness, results of
operations, funds from operations, adjusted funds from operations
and prospects; the Company's future capital expenditure and
leverage levels, debt service obligations, and plans to fund the
Company's liquidity needs; prospective statements regarding the
Company's access to the capital markets, including its
"at-the-market" program; statements that the Company makes
regarding its ability to remain qualified for taxation as a real
estate investment trust; the Company's potential reorganization
into an umbrella partnership real estate investment trust and its
impact; and the impact of recently issued accounting pronouncements
and other regulatory activity. Forward looking statements are
generally identified by the use of words such as "believe,"
"project," "expect," "anticipate," "estimate," "intend,"
"strategy," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result" and similar
expressions.
These statements are based on the current expectations of the
Company's management, and it is important to note that the
Company's actual results could be materially different from those
projected in such forward-looking statements. There are a number of
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Other unknown or
unpredictable risks or uncertainties, like the risks related to
fluctuating interest rates, the impact of inflation on the Company
and its tenants, the effects of pandemics and global outbreaks of
contagious diseases, and domestic or geopolitical crises, such as
terrorism, military conflict, war or the perception that
hostilities may be imminent, political instability or civil unrest,
or other conflict, could also have material adverse effects on the
Company's business, financial condition, liquidity, results of
operations, and prospects. You should exercise caution in
relying on forward-looking statements as they involve known and
unknown risks, uncertainties, and other factors that may
materially affect the Company's future results, performance,
achievements, or transactions. Information on factors that could
impact actual results and cause them to differ from what is
anticipated in the forward-looking statements contained herein is
included in the Company's Quarterly Report on Form 10-Q for the
quarterly period ended September 30,
2024, as filed with the SEC on October 30, 2024, as well as in the Company's
other filings with the SEC, including but not limited to those
described in Part I, Item 1A. Risk Factors in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on
February 9, 2024. Moreover, because
the Company operates in a very competitive and rapidly changing
environment, new risks are likely to emerge from time to time.
Given these risks and uncertainties, potential investors are
cautioned not to place undue reliance on these forward-looking
statements as a prediction of future results, which speak
only as of the date of this communication, unless noted otherwise.
Except as required by federal securities laws and the rules and
regulations of the SEC, the Company does not undertake to revise or
update any forward-looking statements.
Institutional Investors:
Peter
Sands
W. P. Carey Inc.
212-492-1110
institutionalir@wpcarey.com
Press Contact:
Anna
McGrath
W. P. Carey
Inc.
212-492-1166
amcgrath@wpcarey.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/w-p-carey-inc-announces-pricing-of-600-million-of-senior-unsecured-notes-302303279.html
SOURCE W. P. Carey Inc.