WASHINGTON (dpa-AFX) - Realty Income Corp. (O), The Monthly Dividend Company, said Thursday that it has entered into a new $1.0 billion unsecured acquisition credit facility to replace its existing $425 million credit facility.
As per terms of the new credit facility, total funds available will be $1.0 billion, along with an additional $500 million accordion expansion feature.
Under this facility, the company's current investment grade ratings will provide for a borrowing rate of London Interbank Offer Rate, or LIBOR, plus 107.5 basis points with a facility commitment fee of 17.5 basis points , for all-in-drawn pricing of 123 basis points over LIBOR.
The initial term of the new facility runs for four years through May 16, 2016, plus a one-year extension option.
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