Global Net Lease, Inc. (NYSE:GNL) Files An 8-K Other Events
Item 8.01
On June 11, 2019, Global Net Lease, Inc. (the “Company”), through certain wholly owned subsidiaries (the “Obligors”) that directly or indirectly own all three of the Company’s properties in the Netherlands and Luxembourg (the “Properties”), entered into a facility agreement with Landesbank Hessen-Thüringen Girozentrale, and on June 12, 2019, borrowed €120.0 million (the “Loan”) secured by mortgages on each of the Properties and all of the other assets of the Obligors. Payment of principal and interest on the Loan is also guaranteed by the Obligors.
The Loan bears interest at a fixed rate of 1.383% and matures on June 11, 2024. The Loan is interest-only, with the principal due at maturity.
At the closing of the Loan, approximately €80.3 million was used to repay all outstanding indebtedness encumbering two of the Properties. The remaining proceeds totaling approximately €38.7 million, after costs and fees related to the Loan, are available for working capital and general corporate purposes.
The Loan may be prepaid, in whole or in part, at any time, and mandatory prepayments are required to be paid in connection with dispositions of the Properties and other customary circumstances. Any prepayment prior to the fourth anniversary is generally subject to a prepayment premium.
About Global Net Lease, Inc. (NYSE:GNL)
Global Net Lease, Inc. is a real estate investment trust that focuses on acquiring and managing a portfolio of strategically located commercial real estate properties. The Company’s business consists of owning, managing, operating, leasing, acquiring, investing in and disposing of real estate assets. The Company focuses its investments on commercial and retail properties, including special use single tenant properties. The Company owns approximately 330 net-leased commercial properties consisting of over 18.7 million rentable square feet. The Company has approximately 270 properties located in the United States and Puerto Rico, over 40 properties located in the United Kingdom and approximately 20 properties located across continental Europe. Its portfolio of real estate properties includes McDonald’s, Wickes Building Supplies I, Thames Water, Northern Rock, Con-way Freight, Western Digital, GE Aviation, DFS Trading, Talk Talk, GSA IV, Nissan, Select Energy Services I and Lhoist.
