Global Net Lease to reopen its 7.25% series A cumulative redeemable preferred stock

By Abigail W. Adams

Portland, Me. Jan. 22 – Global Net Lease, Inc. is re-opening its par of $25 perpetual 7.25% series A cumulative redeemable preferred stock.

BMO Capital Markets is the bookrunner.

Proceeds from the add on will be contributed to the operating partnership and used to purchase additional properties and for general corporate purposes.

The original preferred stock was issued in September and December of 2017, selling $106.49 million and $28.75 million respectively. 1.15

There are currently 5,409,650 shares of the series A preferred stock outstanding, according to the prospectus supplement.

Dividends are paid quarterly with the first payment on the new issuance to be on April 16 at $0.453125 per share.

The preferred stock is non-callable until Sept. 12, 2022, except to preserve Global Net Lease’s tax status as a REIT or upon a delisting or change of control event. The preferred stock is freely callable after Sept. 12, 2022.

Holders may convert their notes upon a change of control or delisting event to the lesser of either the sum of the liquidation preference plus accrued interest divided by the common stock price or the 2.3010 share cap.

If the company calls the preferred stock upon a change of control or delisting event, holders lose their conversion rights, according to the supplemental prospectus.

The series A preferred stock is listed on the New York Stock Exchange under the symbol “GNLPrA.”

Global Net Lease is a New York-based real estate investment trust.

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