Brief: Realty Income To Acquire Spirit Realty Capital In $9.3 Billion Transaction

Spirit Realty Capital

30/10/2023 10:53

Oct 30 (Reuters) - Realty Income Corp  O.N :
    * REALTY INCOME TO ACQUIRE SPIRIT REALTY CAPITAL IN $9.3
BILLION
TRANSACTION
    * SPIRIT REALTY CAPITAL INC: MERGER, ONCE COMPLETED, WILL
RESULT
IN AN ENTERPRISE VALUE OF APPROXIMATELY $63 BILLION FOR COMBINED
COMPANY
    * SPIRIT REALTY CAPITAL INC- REALTY INCOME TO ASSUME
EXISTING DEBT
WITH LOW IN-PLACE RATES
    * SPIRIT REALTY CAPITAL INC: SPIRIT SHAREHOLDERS WILL
RECEIVE
0.762 NEWLY-ISSUED REALTY INCOME COMMON SHARES FOR EACH SPIRIT
COMMON SHARE THEY OWN
    * SPIRIT REALTY CAPITAL INC: SIGNIFICANT ANTICIPATED AFFO
PER
SHARE ACCRETION ON A LEVERAGE-NEUTRAL BASIS WITH MEANINGFUL COST
SYNERGIES FROM DEAL
    * SPIRIT REALTY CAPITAL INC: REALTY INCOME AND SPIRIT
SHAREHOLDERS
TO OWN APPROXIMATELY 87% AND 13%, RESPECTIVELY, OF COMBINED
COMPANY
    * SPIRIT REALTY CAPITAL INC: PUBLIC CAPITAL NOT EXPECTED TO
BE
REQUIRED TO FINANCE TRANSACTION, LOW IN-PLACE RATES ON EXISTING
DEBT
    * SPIRIT REALTY CAPITAL INC: LEVERAGE-NEUTRAL TRANSACTION IS
EXPECTED TO DELIVER OVER 2.5% ACCRETION TO REALTY INCOME'S AFFO
PER SHARE
    * SPIRIT REALTY CAPITAL INC: NO APPROVAL OF REALTY INCOME
SHAREHOLDERS WILL BE REQUIRED IN CONNECTION WITH MERGER

Source text for Eikon:  ID:nPn6lLnXGa 
Further company coverage:  O.N 

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