Global Net Lease lifts dividend on series B preferred stock to 6.25%

By James McCandless

San Antonio, July 16 – Global Net Lease, Inc. increased the dividend on its best-efforts offering of series B preferred stock to 6.25% from 5.5% previously, according to an FWP filing with the Securities and Exchange Commission.

Value Base Underwriting and Securities Distribution Ltd. is the distributor in Israel.

The preferreds will have a liquidation preference of 100 new Israeli shekels, equivalent to $27.40 at an exchange rate of 3.65.

Global Net Lease set a minimum price in the offering of 96 new Israeli shekels, equivalent to $26.30.

The preferreds will be callable after five years.

Global Net Lease plans to use the proceeds to fund a portion of the purchase price of its pending acquisitions and other acquisitions, as well as for general corporate purposes.

The company has applied to list the preferreds on the Tel Aviv Stock Exchange.

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

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