Global Net Lease replaced its existing credit facility with a new, $1.45 billion corporate revolving credit facility that has a 4.5-year term and improved pricing that is 15 basis points lower than the facility it replaced. The credit facility will be administered by KeyBank and includes two six-month extension options. The interest rate on the credit facility adjusts based on the leverage ratio, with a minimum rate of 1.30% over the currency-specific benchmark rate and a maximum of 1.90% over the currency-specific benchmark rate.
“Building on the strength of our acquisitions and leasing success, I am pleased to announce the recast and expansion of our corporate credit facility on what we believe to be very attractive terms,” James Nelson, CEO of Global Net Lease, said. “In order to capture the full benefit of an active corporate syndication market and lock in certainty with respect to terms and pricing, we proactively replaced the prior facility more than a year before its maturity date. With an accordion feature that could expand the facility up to nearly $2 billion, we believe this transaction further strengthens our balance sheet and provides flexibility for execution of our growth strategy as we seek to continue acquiring high-quality industrial, distribution and office properties.”