Realty Income Closes Stock Offering
Realty Income has closed its most recent stock issue. The company reaped $756 million from the offering, which saw it float 15 million shares of common stock. In addition, 2.25 million shares were bought by the issue's underwriters exercising their overallotment option.
Realty Income said it would use the proceeds of the offering to retire borrowings drawn on its $1 billion acquisition credit facility. The remaining movies are to be used for "other general corporate purposes and working capital, which may include additional acquisitions and the repayment of debt."
The offering's underwriters include Bank of America unit Merrill Lynch, Wells Fargo's Wells Fargo Securities, and Morgan Stanley.
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