This is a straightforward liability management transaction with no common equity dilution. The higher coupon (5.200% vs. 4.250%) increases annual interest cost by ~$3.3M but extends maturities from October 2026 to September 2036. Monitor for any rating agency actions and future investment activity funded by the freed-up revolver capacity.
Price Chart
Executive Summary
W. P. Carey is issuing $350M of 5.200% Senior Notes due 2036, with net proceeds of approximately $343M to repay its 4.250% Senior Notes due October 2026 and for general corporate purposes. This is a routine refinancing that extends the company's debt maturity profile at a higher coupon, with no impact on common equity.
Key Facts
- $350M aggregate principal amount of 5.200% Senior Notes due September 15, 2036
- Net proceeds estimated at ~$343M after underwriting discount and expenses
- Proceeds to repay $350M of 4.250% Senior Notes due October 1, 2026
- Public offering price of 99.015% of principal amount
- Underwriting discount of 0.650% ($2.275M total)
- Notes are senior unsecured obligations ranking equally with $8.7B of existing unsecured debt
- Consolidated debt-to-total-asset-value ratio of 41.1% as of March 31, 2026
- Consolidated EBITDA to Annual Debt Service Charge ratio of 4.7:1 as of March 31, 2026
- Total Unencumbered Asset Value was 236.9% of unsecured debt as of March 31, 2026
- Notes will be issued in book-entry form only; no listing on any exchange planned
Financial Impact
$343M net proceeds used to refinance $350M of 4.250% notes due October 2026; new coupon is 5.200% vs. 4.250% on the refinanced notes, increasing annual interest cost by ~$3.3M
Risk Factors
- Higher interest cost on new notes vs. refinanced notes
- No established trading market for the notes may limit liquidity for bondholders
- Credit rating downgrade could adversely affect market price of notes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001104659-26-079353 |
| Document: tm2617411d3_ex-filingfees.htm | 0001104659-26-079353 |
| Document: 0001104659-26-079353-index-headers.html | 0001104659-26-079353 |
| Document: 0001104659-26-079353-index.html | 0001104659-26-079353 |
| Document: 0001104659-26-079353.txt | 0001104659-26-079353 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 8-K | $69.55 $66.52 | ▼ −4.36% | ▼ −3.86% | $64.52 (−7.23%) |
Jun 30, 2026 13w ago | 424B5 | $70.81 $71.24 | ▲ +0.61% | ▲ +0.35% | $64.52 (−8.88%) |
Jun 30, 2026 13w ago | 8-K | $70.81 $71.24 | ▲ +0.61% | ▲ +0.35% | $64.52 (−8.88%) |
Jun 29, 2026 13w ago | 424B5 | $73.50 $70.55 | ▼ −4.01% | ▼ −5.40% | $64.52 (−12.22%) |
Jun 17, 2026 15w ago | 8-K | $72.23 $72.63 | ▼ −0.55% | ▼ −1.60% | $64.52 (+10.67%) |
May 12, 2026 20w ago | 8-K | $74.47 $73.90 | ▼ −0.77% | ▼ −0.85% | $64.52 (−13.37%) |
Apr 28, 2026 22w ago | 8-K | $72.05 $73.83 | ▲ +2.47% | ▼ −0.64% | $64.52 (−10.46%) |
Mar 27, 2026 27w ago | DEFA14A | $67.41 $69.68 | ▲ +3.37% | ▼ −0.49% | $64.52 (−4.29%) |
Feb 24, 2026 31w ago | 8-K | $73.29 $72.83 | ▼ −0.63% | ▲ +0.47% | $64.52 (−11.97%) |
US Market Status
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