Item 8.01 Other Events.
On July 28, 2022, Realty Income Corporation (the "Company") entered into a
European unsecured commercial paper program (the "Program"). Under the terms of
the Program, the Company may issue, from time to time, unsecured commercial
paper notes with varying maturities not in excess of 183 days from the date of
issue (the "Notes"). Amounts available under the Program may be borrowed, repaid
and re-borrowed from time to time, with the maximum aggregate face or principal
amount of Notes outstanding at any one time not exceeding $1.5 billion (or the
equivalent in foreign currency). Pursuant to the terms of the Program, the Notes
may be issued in U.S. Dollars or various other foreign currencies, including but
not limited to, Euros, Sterling, Swiss Francs, Yen, Canadian Dollars, and
Australian Dollars, in each case, pursuant to customary terms in the European
commercial paper note market. The Notes will rank pari passu with all of the
Company's other unsecured senior indebtedness, including borrowings under the
Company's revolving credit facility and the Company's term loan, the Company's
outstanding senior unsecured notes, and any outstanding notes under the
Company's $1.5 billion U.S. Dollar-denominated commercial paper program (the
"U.S. Program"). The Company intends to use proceeds from the Notes issued
pursuant to the Program for general corporate purposes. The Company expects to
use its $4.25 billion revolving credit facility as a liquidity backstop for the
repayment of the notes issued under the Program and the U.S. Program.
The Notes to be offered under the Program have not been and will not be
registered under the Securities Act of 1933, as amended, and may not be offered
or sold in the United States absent registration or an applicable exemption from
registration requirements. The information contained in this Current Report on
Form 8-K shall not constitute an offer to sell or the solicitation of an offer
to buy the Notes under the Program.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses