Book size: 1800; Registration: SEC Registered; Comments: EUR500m 5.5yr cpn 3.25% at 99.249, yld 3.402%. Spread: MS+90. 102.0bps vs. DBR 0 08/15/31 (@87.870) / HR 106%. Tax Call: Yes. MWC: B+15. Par Call: 2m. LEI: 54930042CRNE713E3Q67;
Book size: 1250; Registration: SEC Registered; Comments: EUR500m 9yr cpn 3.75% at 98.500, yld 3.949%. Spread: MS+120. 119.0bps vs. DBR 0 05/15/35 (@77.760) / HR 107%. Tax Call: Yes. MWC: B+20. Par Call: 3m. LEI: 54930042CRNE713E3Q67;
Deal Comments
Reoffer: L5yr: MS+90bp / 99.249 / 3.402% 9yr: MS+120bp / 98.5 / 3.949%
Benchmark: L5yr: DBR 0 15-Aug-31 @ 87.870 / B+102.0 / HR 106% 9yr: DBR 0 15-May-35 @ 77.760 / B+119.0 / HR 107%
L5yr: Final Books €1.8bn. Peak book €2.6bn (pre-reconciliation)
9yr: Final Books €1.25bn. Peak book €2.35bn (pre-reconciliation)
Launched:
L5yr: €500m @ MS+90bp - Books €2.25bn (pre-rec)
9yr: €500m @ MS+120bp - Books €2.0bn (pre-rec)
Guidance: L5yr: MS+90/95bp 9yr: MS+125a - Combined books €4.9bn (pre-rec)
IPTs: L5yr: MS+125a 9yr: MS+155a
Issuer: W. P. Carey Inc. (Country: US; Ticker: WPC)
Issuer Ratings: Baa1/BBB+ (Stable/Stable) (Moody’s/S&P)
Exp. Ratings: Baa1/BBB+ (Moody’s/S&P)
Format: Senior Unsecured Notes
Issuer LEI: 54930042CRNE713E3Q67
Settlement Date: 24-Feb-26
Size:
Long 5-year: €500mm
9-year: €500mm
Maturity:
Long 5-year: 02-Oct-31
9-year: 10-May-35
Reoffer:
Long 5-year: MS+90bps / 99.249 / 3.402%
9-year: MS+120bps / 98.500 / 3.949%
Benchmark:
Long 5-year: 102.0bps vs. DBR 0 15-Aug-31 (@87.870) / HR 106%
9-year: 119.0bps vs. DBR 0 15-May-35 (@77.760) / HR 107%
Coupon:
Long 5-year: 3.250% Fixed (Ann, ACT/ACT, Short First Coupon)
9-year: 3.750% Fixed (Ann, ACT/ACT, Short First Coupon)
MWC:
Long 5-year: B+15bps
9-year: B+20bps
TOE:
Long 5-year: 16.19CET / 15.19UKT
9-year: 16.18CET / 15.18UKT
Optional Redemption:
Long 5-year: Make Whole Call, Par Call, 2-month prior to maturity, Tax Call
9-year: Make Whole Call, Par Call, 3-months prior to maturity, Tax Call
ISIN / Common Code:
Long 5-year: XS3297733613 / 329773361
9-year: XS3297733704 / 329773370
Docs: SEC Registered / New Safekeeping Structure (NSS) / Euronext Dublin GEM Listing / New York Law
Selling Restrictions: See Prospectus / Prospectus Supplement
Clearing: Euroclear and Clearstream, Luxembourg
Denoms: €100,000 x €1,000
Target Market / PRIIPs: UK MiFIR Professionals & Eligible Counterparties only / No UK/EEA PRIIPs KID
Use of Proceeds: The Company intends to use the net proceeds from this offering to repay the €500 million in aggregate principal amount outstanding of their 2.250% Senior Notes due April 9, 2026 and for general corporate purposes, including to fund potential future investments and to repay certain other indebtedness, including amounts outstanding under the Company’s unsecured revolving credit facility and unsecured term loan
Covenants: Total Indebtedness to Total Assets ≤ 60%, Secured Indebtedness to Total Assets ≤ 40%, Consolidated EBITDA to Interest Expense ≥ 1.50x, Unencumbered Assets** to Unsecured Indebtedness ≥ 150%
Active Joint Bookrunners: Barclays Bank PLC / BNP Paribas / J.P. Morgan Securities plc (B&D) / Wells Fargo Securities
Use of Proceeds
To repay the €500 million in aggregate principal amount outstanding of their 2.250% Senior Notes due April 9, 2026 and for general corporate purposes, including to fund potential future investments and to repay certain other indebtedness, including amounts outstanding under the Company’s unsecured revolving credit facility and unsecured term loan