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Global Net Lease gets £230 million five-year multi-property financing
By Sarah Lizee
Olympia, Wash., Aug. 21 – Global Net Lease, Inc. said it closed a £230 million five-year multi-property financing with Lloyds Bank plc as agent.
The company entered into the syndicated investment facility loan agreement on Aug. 13, according to an 8-K filing with the Securities and Exchange Commission.
The loan matures on Aug. 13, 2023 and bears interest at a rate of Libor plus 197.5 basis points, with the interest rate for 80% of the loan amount fixed by a swap agreement to 3.299%.
The loan requires quarterly interest-only payments for the first two years followed by scheduled principal amortization of £37.9 million in the final three years, with the remaining principal due at maturity.
The multi-property financing encumbers the company’s 43 assets located in the United Kingdom and replaced the individual property loans on 38 of the properties.
The company repaid about £209 million of fixed-rate mortgage debt for the 38 properties using proceeds from the new financing.
The other five mortgaged properties were unencumbered prior to the loan, having been repaid in February, May, June and July, according to a press release.
The loan may be prepaid in whole or in part at any time. Mandatory prepayments are also required in connection with dispositions of the mortgaged properties, curing some defaults and other customary circumstances.
In connection with any prepayment, lenders will receive a prepayment fee of 3% of the amount prepaid for prepayments on or prior to Aug.13, 2019, 2% of the amount prepaid for prepayments between Aug. 14, 2019 and Aug. 13, 2020 and 1% of the amount prepaid for prepayments between Aug. 14, 2020 and Aug. 13, 2021. No prepayment fee is payable after Aug. 13, 2021.
Global Net Lease is a publicly traded real estate investment trust based in New York.
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