W. P. Carey Prices $350M 5.2% Notes Due 2036, Refinances 2026 Debt
WPC•W. P. Carey priced $350 million of 5.200% senior unsecured notes due 2036 at 99.015% of par. Net proceeds will redeem $350 million of 4.250% senior notes maturing October 2026 and fund potential investments and revolver repayments.
1. Issuance of $350 Million 5.200% Senior Notes Due 2036
On June 29, W. P. Carey priced an underwritten offering of $350 million aggregate principal of 5.200% senior unsecured notes due 2036. The notes were issued at 99.015% of par, with semiannual interest payments on March 15 and September 15 beginning March 15, 2027, and are expected to settle on July 2, 2026.
2. Repayment of Existing Debt and Funding Strategy
Net proceeds will fully redeem the company’s $350 million 4.250% senior notes maturing in October 2026, eliminating near-term debt maturities. Remaining proceeds will support general corporate purposes, including potential property acquisitions and repayment of outstanding balances under its unsecured revolving credit facility.
3. Financial and Liquidity Impact
Extending debt maturity to 2036 locks in long-term funding while reducing rollover risk, though at a higher 5.200% coupon rate. The transaction will increase annual interest expense compared to the legacy notes but preserves revolver capacity and enhances liquidity flexibility for future investments.
