Global Net Lease to use proceeds to pay down revolving debt

By Mary-Katherine Stinson

Lexington, Ky., April 17 – Global Net Lease, Inc. will use the proceeds from dispositions to pay down existing debt, including borrowings under the company’s dollar portion of its revolving credit facility bearing interest at 7.3%, according to a notice.

The repayment addresses near-term lease and debt maturities to achieve the company’s primary objective of reducing its net debt to adjusted EBITDA.

As of April 15, the company’s strategic disposition plan has resulted in over $462 million of transactions that are either closed or under agreement and expected to close by the end of the third quarter.

The $124 million of vacant dispositions that are closed or under agreement will eliminate about $3 million of annualized operating expenses, according to the release.

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

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