Realty Income (O) has released an update to notify the public and investors about an entry into a material definitive agreement.
On January 23, 2024, Realty Income successfully concluded its debt exchange offers, replacing a series of Spirit Notes with new Notes issued by the company, resulting in the cancellation of Spirit Notes totaling over $2.7 billion across various maturities. Concurrently, the company amended the governing indenture to remove most restrictive covenants and assumed responsibility for the remaining outstanding Spirit Notes. Furthermore, Realty Income assumed and amended terms of existing term loans from Spirit Realty, L.P., releasing Spirit Realty from its obligations, with the new terms setting maturities from 2025 to 2027 and interest rates based on SOFR plus an applicable margin.
For further insights into O stock, check out TipRanks’ Stock Analysis page.
