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W. P. CAREY INC.

(WPC)
  Report
Delayed Nyse  -  04:00 2022-12-01 pm EST
80.81 USD   +2.55%
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W. P. CAREY INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Other Events, Financial Statements and Exhibits (form 8-K)

09/01/2022 | 04:33pm EST

Item 1.01. - Entry into a Material Definitive Agreement.

On August 31, 2022, W. P. Carey Inc. (the "Company") entered into a note purchase agreement (the "Purchase Agreement"), with the noteholders named therein. The Purchase Agreement provides for the future private placement of €150 million of senior unsecured notes, maturing September 28, 2029, with a fixed annual interest rate of 3.41%, and €200 million of senior unsecured notes, maturing September 28, 2032, with a fixed annual interest rate of 3.70%. The notes are expected to be issued on or around September 28, 2022, subject to conditions.

Interest on the notes will be payable semiannually. The Company will be permitted to prepay at any time all, or from time to time any part of, the outstanding notes, in an amount not less than 5% of the aggregate principal amount of the notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount (as defined in the Purchase Agreement) determined for the prepayment date with respect to such principal amount.

The Purchase Agreement contains a number of financial covenants, including a financial covenant that requires the Company to maintain a minimum fixed charge coverage ratio of not less than 1.50:1.00. Subject to the terms of the Purchase Agreement and the notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount, as discussed above, swap breakage loss payable on any swapped note, or interest under the notes, and (ii) a default in the payment of certain other indebtedness, the principal and accrued and unpaid interest and the Make-Whole Amount on the outstanding notes will become due and payable at the option of the holders.

The Company intends to use the net proceeds from the issuance of the notes to refinance existing indebtedness and to fund potential acquisitions, developments and investment opportunities, and for general corporate purposes. The notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. The Company offered and sold the notes in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.

The foregoing description of the Purchase Agreement and the notes does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement (including the form of note), attached hereto as Exhibit 10.1.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this report is incorporated herein by reference.



 Item 8.01 Other Events.




On September 1, 2022, W. P. Carey issued a press release announcing its signing of the Purchase Agreement. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.





(d) Exhibits



Exhibit
Number                               Description
  99.1       Press Release
  10.1       Note Purchase Agreement, dated as of August 31, 2022
104        Cover Page Interactive Date File (embedded within XBRL document)

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Financials (USD)
Sales 2022 1 459 M - -
Net income 2022 516 M - -
Net Debt 2022 7 776 M - -
P/E ratio 2022 31,5x
Yield 2022 5,38%
Capitalization 16 393 M 16 393 M -
EV / Sales 2022 16,6x
EV / Sales 2023 14,9x
Nbr of Employees 183
Free-Float 99,0%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 78,80 $
Average target price 85,55 $
Spread / Average Target 8,56%
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Managers and Directors
Jason E. Fox Chief Executive Officer & Director
John J. Park President
Toniann Sanzone Chief Financial Officer & Managing Director
Christopher J. Niehaus Non-Executive Chairman
John D. Miller Chief Investment Officer & Managing Director
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