GNL - Global Net Lease Announces $237 Million CMBS Re-Financing | Benzinga
- Fixed interest rate of 5.74% is 159 basis points lower than existing debt on re-financed assets
- Reduces annualized interest expense by over $3.5 million
NEW YORK, April 08, 2024 (GLOBE NEWSWIRE) -- 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 ...