Global Net Lease Completes $88 Million Whirlpool Financing

July 13, 2020

Source: PR Newswire

Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") announced today that the Company, through certain of its subsidiaries, entered into a financing transaction with a syndicate of regional banks led by BOK Financial and borrowed an aggregate of $88 million secured by six (6) properties that are leased to Whirlpool Corporation, a Fortune 200 company with a Moody's credit rating of Baa1.  The transaction is structured as six (6) individual loans (the "Loans"), each secured by one of the properties in the collateral pool.  Per the terms of the applicable loan agreements, the Loans are cross-collateralized and cross-defaulted. The maturity date of the Loans is July 2027.  The Loans were swapped to fixed via six (6) interest rate swaps that carry an interest rate of 3.45%.  The Loans are interest-only with the principal due at maturity.  At the closing of the Loans, an aggregate of $84 million of proceeds was used to repay amounts outstanding under the Company's revolving credit facility and the remaining proceeds after costs and fees are available for general corporate purposes.

"Completing the Whirlpool financing in this environment at a very favorable interest rate illustrates our team's ability to continue executing on our objectives despite the new challenges we have faced," said James Nelson, CEO of GNL "We believe this financing, coupled with the 98% second quarter cash rent collection we recently reported, demonstrates how GNL continues to perform extremely well."

About Global Net Lease, Inc.

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

Contacts:

Investors and Media:
Email: investorrelations@globalnetlease.com
Phone: (212) 415-6510

 

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