ESCONDIDO, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Realty Income Corp. has expanded its unsecured acquisition credit facility from $1 billion to $1.5 billion. The company exercised the $500 million accordion expansion of the existing credit facility with its current bank lending group.
All other material business terms of the credit facility remain unchanged. The sole lead arranger for the credit facility is Wells Fargo Securities LLC. Bank of America N.A. and Regions Bank are co-syndication agents, and US Bank National Assoc., J.P. Morgan Chase Bank N.A., Royal Bank of Canada and The Bank of New York Mellon are co-documentation Agents.
The other participants in the credit facility are: Union Bank, N.A., Branch Banking and Trust Co., BBVA Compass Bank, PNC Bank, Raymond James, Capital One Bank, Sumitomo Mitsui and Comerica. The Administrative Agent for the credit facility is Wells Fargo Bank, N.A.
According to EVP, CFO and treasurer, Paul Meurer, the expansion “enhances our liquidity and financial flexibility and provides ready access to capital for our property acquisition efforts. This facility will provide us with the funds to continue to increase the size of our real estate portfolio, which is fundamental to our goal of regularly increasing the amount of the monthly dividend we pay to our shareholders.”
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