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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
REAL
PRCD
WPC
WP Carey Inc€1,000
2USOA
Feb 12, 2026
currency
EUR
size (m)
500.000
maturity
Oct 2, 2031
type
Fixed
tenor
5.500
call
-
registration
SEC Registered
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+125 area
ipt-pxd
-35
guidance
MS+90-95
spread
90
coupon
3.25%
spread set
-
price
99.24900
yield
3.402%
book size (m)
1,800
peak book (m)
2,600
x-covered
3.6
book attrition
-30.77%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,800
peak book (m)
2,600
x-covered
3.6
book attrition
-30.77%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
May 10, 2035
type
Fixed
tenor
9.000
call
-
registration
SEC Registered
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+155 area
ipt-pxd
-35
guidance
MS+125 area
spread
120
coupon
3.75%
spread set
-
price
98.50000
yield
3.949%
book size (m)
1,250
peak book (m)
2,350
x-covered
2.5
book attrition
-46.81%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,250
peak book (m)
2,350
x-covered
2.5
book attrition
-46.81%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
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

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