Summary by Moomoo AI
Realty Income Corporation (Realty Income) has announced an exchange offer and consent solicitation for all outstanding notes of Spirit Realty, L.P. (Spirit). The exchange offers are made to simplify Realty Income's capital structure and provide existing holders of Spirit notes the option to obtain securities issued by Realty Income. The consent solicitations are to amend the related indenture to eliminate most of the restrictive covenants. The exchange offers and consent solicitations are subject to certain conditions, including the receipt of the requisite consents and the consummation of the merger between Realty Income and Spirit. The exchange offers are expected to be completed in the first quarter of 2024, with the exact timing contingent on meeting the necessary conditions.