Realty Income Announces Proposed Convertible Senior Notes Offering

Core Viewpoint - Realty Income Corporation plans to offer $750 million in convertible senior notes due 2029, with an option for initial purchasers to buy an additional $112.5 million [1][2]. Group 1: Offering Details - The notes will be senior, unsecured obligations, accruing interest payable semi-annually and maturing on January 15, 2029 [2]. - Noteholders can convert their notes under certain conditions, with conversions settled in cash and potentially shares of common stock [2]. - Realty Income can redeem the notes prior to maturity to maintain its status as a real estate investment trust for tax purposes [3]. Group 2: Corporate Events and Repurchase Rights - In the event of a "fundamental change," noteholders may require Realty Income to repurchase their notes for cash at the principal amount plus accrued interest [4]. Group 3: Use of Proceeds - The majority of net proceeds will be used for general corporate purposes, including repaying existing debt, property acquisitions, and share repurchases [6]. - Realty Income plans to repurchase shares of its common stock concurrently with the pricing of the offering, which may influence the trading price of its common stock [6]. Group 4: Company Overview - Realty Income, known as "The Monthly Dividend Company," has a portfolio of over 15,500 properties across the U.S. and other countries, and has a history of increasing dividends for over 30 consecutive years [9].