Realty Income Wraps Up $1B Term Loan from Nine Lenders

Net lease REIT Realty Income Corporation said Friday it had closed on a $1-billion multicurrency unsecured term loan. The loan initially matures in January 2024 and includes two 12-month extension options. 

A total of nine lenders are participating in the loan. Toronto Dominion (Texas) LLC is acting as the administrative agent. TD Securities (USA), The Bank of Nova Scotia, BofA Securities, JPMorgan Chase Bank and Mizuho Bank, Ltd. are serving as joint bookrunners.  

TD Securities (USA), The Bank of Nova Scotia, BofA Securities,  JPMorgan Chase Bank, Mizuho Bank, Regions Capital Markets, Truist Securities and Banco Bilbao Vizcaya Argentaria are serving as joint lead arrangers. Bank of America and JPMorgan Chase Bank are serving as syndication agents.  

The Bank of Nova Scotia, Mizuho Bank, Regions Bank, Truist Bank and Banco Bilbao Vizcaya Argentaria are serving as documentation agents. Affiliates of the foregoing financial institutions and Wells Fargo Bank are serving as lenders. 

“We value our longstanding partnership with our lenders, and we are appreciative of the continued support represented by this financing,” said Christie Kelly, EVP, CFO and treasurer of San Diego-based Realty Income. “This term loan bolsters our financial flexibility and liquidity profile, supporting our capacity to be disciplined capital allocators in the near term.” 

The company agreed just before New Year’s to acquire up to 185 properties from CIM Real Estate Finance Trust for $894 million. 


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