Global Net Lease marketing $500 million seven-year bullet notes; initial talk low 4% area

By Paul A. Harris

Portland, Ore., Dec. 8 – Global Net Lease, Inc. is in the market with a $500 million offering of split-rated seven-year senior bullet notes (BBB-/BB+) in a deal expected to play primarily to crossover- and investment-grade accounts, market sources say.

The Rule 144A and Regulation S offering is expected to be in the market at least overnight, according to traders.

Initial guidance is in the low 4% area, they add.

KeyBanc Capital Markets Inc. is leading the deal.

The New York-based real estate investment trust plans to use the proceeds to repay debt under its revolving credit facility and term loan.

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