W.P. Carey completed a $1.5 billion revolving credit facility with Bank of America as administrative agent.

According to a related 8-K filing, the facility provides the company with a revolving loan facility with an aggregate principal amount of up to $1.5 billion, which matures on the fourth anniversary of the closing date, and may be extended by two six-month periods at the option of the borrower, subject to the conditions to extension provided in the third amended and restated credit facility. As of February 23, 2017, the revolving loan facility had $95 million and €90.5 million ($119 million) outstanding.

Merrill Lynch, Pierce, Fenner & Smith, JPMorgan Chase and Wells Fargo Securities were lead arrangers for the transaction.

Additionally, facility provides the borrower with a term loan facility in an aggregate principal amount of €236.325 million ($296 million), the proceeds of which were drawn on the closing date and a delayed draw term loan facility in an aggregate principal amount of up to $100 million. The delayed draw term facility may be drawn in U.S. dollars, euro or pounds sterling in a single draw on or prior to the first anniversary of the closing date. Both the term facility and the delayed draw term facility mature on the fifth anniversary of the closing date.

The facility also permits a sub-limit for up to $1 billion under the revolving loan facility to be borrowed in certain currencies other than U.S. dollars, a sub-limit for swing line loans of up to $75 million under the revolving loan facility and) a sub-limit for the issuance of letters of credit under the revolving loan facility in an aggregate amount not to exceed $50 million. The aggregate principal amount (available under the facility may be increased up to an amount not to exceed the U.S. dollar equivalent of $2.35 billion and may be allocated as an increase to the revolving loan facility, the term facility, or the delayed draw term facility, or if the term facility has been terminated, an add-on term loan, in each case subject to the conditions to increase provided in the facility.

The facility will be used for the working capital needs of W. P. Carey and its subsidiaries, for acquisitions and for other general corporate purposes.