Realty Income expands credit and commercial paper to $5.5B each

Realty Income Corporation (NYSE: O) has closed on the recast and expansion of its multicurrency unsecured revolving credit facilities to $5.5 billion, up from $4.0 billion, and expanded its global commercial paper programs to a combined $5.5 billion, up from $3.0 billion, according to a press release.

The revolving credit facilities include an accordion expansion feature allowing capacity up to $6.5 billion, subject to lender commitments. The facilities are split into two $2.75 billion tranches maturing on April 29, 2029 and July 10, 2030, respectively, before two six-month extension options apply to each.

Based on the company's current A3/A- credit ratings, borrowings in U.S. dollars carry a rate of 67.5 basis points over SOFR, plus a 12.5 basis point commitment fee, for all-in drawn pricing of 80 basis points over SOFR. This represents a reduction of 5.0 basis points from the prior facilities.

A total of 26 lenders are participating, with Wells Fargo Bank, National Association serving as administrative agent. Wells Fargo Securities, JPMorgan Chase Bank, BofA Securities, Mizuho Bank, and TD Bank are acting as joint bookrunners.

The expanded commercial paper programs consist of a $2.75 billion U.S. program and a $2.75 billion European program. The notes rank equally with the company's other unsecured senior indebtedness. Realty Income said it expects to use the revolving credit facilities as a liquidity backstop for repayment of notes issued under the programs.

"Access to efficiently priced capital has long been a competitive advantage for Realty Income, and the increased borrowing capacity enhances our financial flexibility to execute on our strategy and pursue accretive growth opportunities," said Jonathan Pong, Realty Income's Chief Financial Officer and Treasurer.

Realty Income is an S&P 500 company with a portfolio of over 15,500 properties across all 50 U.S. states, the U.K., and eight other European countries as of March 31, 2026.

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