W. P. Carey Inc. (WPC): debt financing — W. P. Carey to spin off 59 office properties into NLOP, sell 87 more by Jan 2024

W. P. Carey Inc.

Spin-off of 59 office properties into Net Lease Office Properties (NLOP) expected to close ~Nov 1, 2023.
NLOP portfolio: 59 properties, 9.2M sq ft, ABR >$141M; assumes $169M debt and $455M new J.P. Morgan facility.
Office Sale Program: 87 retained office properties (~$77M ABR) targeted to sell by Jan 2024; over half in advanced stages.
W. P. Carey to act as external advisor to NLOP post-spin; distribution of NLOP shares taxable for U.S. federal income tax.
New debt facility includes $335M mortgage loan (SOFR+5%) and $120M mezzanine loan (14.5% rate with PIK).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

W. P. Carey Inc. incurred loan of $120.0 million with JPMorgan Chase Bank, N.A. at 14.5%, 10% current pay, 4.5% PIK maturing approximately five years after the date on which the NLOP Mezzanine Loan Agreement is funded.

Instrument: loan
Principal: $120.0 million
Counterparty: JPMorgan Chase Bank, N.A.
Rate: 14.5%, 10% current pay, 4.5% PIK
Maturity: approximately five years after the date on which the NLOP Mezzanine Loan Agreement is funded
Event: incurrence

Exact text from the filing

mortgage loan (the “ NLOP Mortgage Loan ”) with JPMorgan Chase Bank. N.A., together with its successors and/or permitted assigns (collectively, the “ Lenders ”) and (ii) a $120.0 million mezzanine loan facility with the Lenders (the “ NLOP Mezzanine Loan ” and, together with the NLOP Mortgage Loan, the “ NLOP Financing Arrangements ”). No borrowings under the

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W. P. Carey Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-102585

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