Global Net Lease Announces $237 Million CMBS Re-Financing
08 April 2024 - 8:00PM
Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”)
announced today that the Company completed a $237 million
commercial mortgage-backed security loan (the “Loan”) secured by 20
U.S. industrial properties previously secured under the Company’s
corporate credit facility. The lead lender for the Loan is Bank of
Montreal and co-lenders are Barclays, KeyBank and Société Générale.
The Loan has a 5-year term that matures in April
2029. It is interest-only at a fixed all-in interest rate of 5.74%,
which is 159 bps lower than the current floating interest rate on
the U.S. Dollar portion of the Company’s corporate credit facility,
resulting in an over $3.5 million reduction in annualized interest
expense.
“In addition to improving the financing profile
of these 20 properties, this financing reduces the utilization on
GNL’s corporate credit facility, providing additional flexibility
and capacity to refinance near-term debt maturities through 2024.
We are pleased with the strategic execution of this CMBS financing
as the fixed rate debt lowers GNL’s existing cost of capital and
improves our weighted average debt maturity. We believe the
favorable financing terms achieved illustrates the high quality of
the assets in our portfolio,” stated Michael Weil, CEO of GNL.
Global Net Lease, Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly
traded internally managed real estate investment trust that focuses
on acquiring and managing a global portfolio of income producing
net lease assets across the U.S., and Western and Northern Europe.
Additional information about GNL can be found on its website at
www.globalnetlease.com.
Important Notice
The statements in this press release that are
not historical facts may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve risks and uncertainties
that could cause the outcome to be materially different. The words
such as “may,” “will,” “seeks,” “anticipates,” “believes,”
“expects,” “estimates,” “projects,” “potential,” “predicts,”
“plans,” “intends,” “would,” “could,” “should” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. These forward-looking statements are subject to
a number of risks, uncertainties and other factors, many of which
are outside of the Company’s control, which could cause actual
results to differ materially from the results contemplated by the
forward-looking statements. These risks and uncertainties include
the risks associated with realization of the anticipated benefits
of the merger with The Necessity Retail REIT, Inc. and the
internalization of the Company’s property management and advisory
functions; that any potential future acquisition or disposition by
the Company is subject to market conditions and capital
availability and may not be identified or completed on favorable
terms, or at all. Some of the risks and uncertainties, although not
all risks and uncertainties, that could cause the Company’s actual
results to differ materially from those presented in its
forward-looking statements are set forth in the Risk Factors and
“Quantitative and Qualitative Disclosures about Market Risk”
sections in the Company’s Annual Report on Form 10-K, its Quarterly
Reports on Form 10-Q, and all of its other filings with the U.S.
Securities and Exchange Commission, as such risks, uncertainties
and other important factors may be updated from time to time in the
Company’s subsequent reports. Further, forward-looking statements
speak only as of the date they are made, and the Company undertakes
no obligation to update or revise any forward-looking statement to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time, unless required
by law.
Contacts:Investor
RelationsEmail: investorrelations@globalnetlease.comPhone: (332)
265-2020
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