Realty Income closes $1.0B 3.75% convertible notes due 2031; repurchases 3M shares

REALTY INCOME CORP

Issued $1.0B aggregate principal of 3.750% convertible senior notes due 2031, incl. $125M option exercise.
Initial conversion price ~$72.72/share; capped call cap price ~$83.55 (35% premium over $61.89 close).
Net proceeds ~$981.9M; used $33.2M for capped calls and $188.7M to repurchase ~3.0M shares.
Notes mature Aug 15, 2031; interest 3.75% semi-annual; redeemable after Aug 20, 2029 under conditions.
Remaining proceeds for general corporate purposes, incl. debt repayment and acquisitions.

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