Fitch Ratings has assigned a 'BBB+' credit rating to the $250 million par value 5.75% coupon rate senior unsecured notes issued by Realty Income Corporation. The notes, which mature in 2021, were issued at 99.404% of par to yield 5.826% to maturity. Realty Income's Issuer Default Rating (IDR) is 'BBB+' and the Rating Outlook is Stable.
The company will use the proceeds from the offering, along with borrowings under Realty Income's revolving credit facility, to acquire 13 winery and vineyard properties. These Commercial Real estate properties are located throughout the Napa Valley in Napa, California, valued at $269 million. The properties are subject to 20-year Triple Net Lease agreements with Diageo Chateau & Estate Wines and are guaranteed by Diageo Plc.
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Net Lease Properties can also assist with your Commercial Real Estate Mortgage to purchase it.
