secwatch.observer — SEC 8-K summary
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Issuer:     REALTY INCOME CORP (O)
CIK:        0000726728
Form:       8-K
Filed at:   2024-01-24T23:59:59+00:00
Accession:  0001104659-24-006077
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 2.03, 3.03, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Realty Income completes Spirit Realty merger, issues ~108M shares, exchanges debt
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- Merger closed Jan 23, 2024: Spirit shareholders received 0.762 shares of Realty Income per Spirit share.
- Realty Income issued approximately 108 million shares of common stock and 6.9 million shares of Series A Preferred.
- Completed debt exchange: ~$2.7B of Spirit notes exchanged for new Realty Income notes with same interest rates and maturities.
- Assumed $1.3B in term loans (Tranche A $300M due 2025, Tranche B $500M due 2027, Tranche C $500M due 2025) with SOFR+0.8% margin.
- New 6.000% Series A Preferred (6.9M shares, $25 liquidation preference) ranks senior to common; cumulative dividend $1.50/yr.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/726728/000110465924006077/0001104659-24-006077-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/726728/000110465924006077/tm243768d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-006077

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