{"id":1004090779,"date":"2014-02-04T07:31:15","date_gmt":"2014-02-04T15:31:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004090779"},"modified":"2022-12-04T21:04:14","modified_gmt":"2022-12-05T05:04:14","slug":"w-p-carey-closes-merger-with-affiliate-reit-gets-new-1-2b-credit-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/w-p-carey-closes-merger-with-affiliate-reit-gets-new-1-2b-credit-facility\/","title":{"rendered":"W.P. Carey Closes Merger with Affiliate REIT, Gets New $1.2B Credit Facility"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/i><\/p>\n

W.P. Carey Inc., of New York, last Friday closed the merger with its publicly held, non-traded REIT affiliate, Corporate Property Associates 16 \u2013 Global Inc., the company announced yesterday.<\/p>\n

W.P. Carey issued approximately 30.7 million shares to CPA:16 \u2013 Global stockholders, at an exchange rate of 0.1830 shares of W.P. Carey common stock for each CPA:16 \u2013 Global share held at closing.<\/p>\n

The company also announced that it has obtained a $1.25 billion senior unsecured credit facility consisting of a $1.0 billion revolving line of credit and a $250 million term loan, as well as a $500 million accordion feature.<\/p>\n

With the merger, Carey\u2019s portfolio totals 734 properties, 231 tenants and 86 million square feet in 10 countries. The combined portfolio reportedly consists of 30.2 percent industrial, 23.3 percent office, 18.4 percent warehouse\/distribution, 13.3 percent retail, 4.5 percent self-storage and 10.4 percent other (including health care, nursing homes and hospitality). The company now has an equity market capitalization of about $5.9 billion and a total market capitalization of about $9.6 billion.<\/p>\n

\u201cWe believe that the positive balance sheet, earnings and AFFO impact of the merger with CPA:16 \u2013 Global, along with the additional liquidity provided by the increased size of our credit facility, will continue to support W.P. Carey\u2019s position as the leading global net lease REIT,\u201d Trevor Bond, the company\u2019s president\/CEO, said in a release.<\/p>\n

Among the expected benefits of the merger, highlighted in a conference call shortly after the merger was announced last July, was \u201cEnhanced access to diverse, efficiently priced sources of capital.\u201d<\/a><\/p>\n

Whether that has come to fruition, or would have happened absent the merger, the new\u00a0 $1 billion revolving line of credit will mature in four years with an option to extend for one year. The $250 million term loan component has a two-year maturity with two separate one-year extension options.<\/p>\n

Bank of America N.A. and JPMorgan Chase Bank N.A. acted as joint bookrunners and joint lead arrangers.<\/p>\n

Overall, the new credit facility has a lower aggregate interest rate than what W.P. Carey and CPA:16 \u2013 Global paid in aggregate on their respective facilities. The company repaid the $595 million of principal outstanding on its $625 million credit facility as well as $170 million of principal that CPA:16 \u2013 Global had outstanding on its credit facility. Each of those prior facilities has been terminated, and the company expects to use the new facility primarily for \u201cpotential new investments and general corporate purposes,\u201d according to the release.<\/p>\n","protected":false},"excerpt":{"rendered":"

W.P. Carey last Friday closed the merger with its publicly held, non-traded REIT affiliate, Corporate Property Associates 16 \u2013 Global.<\/p>\n","protected":false},"author":882,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004090779","post","type-post","status-publish","format-standard","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"\nW.P. Carey Closes Merger with Affiliate REIT, Gets New $1.2B Credit Facility - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/w-p-carey-closes-merger-with-affiliate-reit-gets-new-1-2b-credit-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"W.P. Carey Closes Merger with Affiliate REIT, Gets New $1.2B Credit Facility\" \/>\n<meta property=\"og:description\" content=\"W.P. 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