Global Net Lease Enters Material Definitive Agreement

TL;DR

GNL just signed a new deal creating a financial obligation. Details inside.

AI Summary

On April 5, 2024, Global Net Lease, Inc. entered into a material definitive agreement related to a financial obligation. The filing details the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. Specific details regarding the nature of the agreement and the financial obligations are provided within the filing.

Why It Matters

This filing indicates a new financial commitment or obligation for Global Net Lease, Inc., which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — The creation of new financial obligations can introduce financial risk if not managed effectively.

Key Players & Entities

• Global Net Lease, Inc. (company) — Registrant
• April 5, 2024 (date) — Date of agreement

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share GNL New York St
• $237 million — "Lenders"), in the aggregate amount of $237 million (the "Loan"). In connection with the en
• $150M — s guarantor, to maintain a net worth of $150M and liquid assets having a market value
• $10M — ssets having a market value of at least $10M. The Loan may be prepaid, in whole (or

Filing Documents

• tm2411453d1_8k.htm (8-K) — 43KB
• tm2411453d1_ex10-1.htm (EX-10.1) — 1074KB
• tm2411453d1_ex10-2.htm (EX-10.2) — 104KB
• tm2411453d1_ex10-3.htm (EX-10.3) — 80KB
• 0001104659-24-045455.txt ( ) — 1809KB
• gnl-20240405.xsd (EX-101.SCH) — 3KB
• gnl-20240405_def.xml (EX-101.DEF) — 28KB
• gnl-20240405_lab.xml (EX-101.LAB) — 38KB
• gnl-20240405_pre.xml (EX-101.PRE) — 26KB
• tm2411453d1_8k_htm.xml (XML) — 9KB

01. Entry into

Item 1.01. Entry into a Material Definitive Agreement. On April 5, 2024, Global Net Lease, Inc. (the "Company"), through subsidiaries (collectively, the "Borrowers") of its operating partnership, Global Net Lease Operating Partnership, L.P. (the "OP"), entered into a commercial mortgage-backed security Loan Agreement (the "Loan Agreement"), with (i) Bank of Montreal, (ii) Socit Gnrale Financial Corporation, (iii) Barclays Capital Real Estate Inc. and (iv) KeyBank National Association (each individually, a "Lender," and collectively, the "Lenders"), in the aggregate amount of $237 million (the "Loan"). In connection with the entry into the Loan Agreement, on April 5, 2024, the OP entered into a Guaranty Agreement (the "Guaranty") and an Environmental Indemnity Agreement (the "Environmental Indemnity") for the benefit of the Lenders. The Loan is secured by, among other things, first priority mortgages on the Borrowers' interests in 20 industrial properties the Company owns across the United States. The Loan has a 5-year term and is interest-only at a fixed rate of 5.74% per year. The Loan Agreement requires the Borrowers to pay interest only on a monthly basis. The principal balance of the Loan is due on the maturity date of April 6, 2029. The Loan Agreement requires the Borrowers to comply with certain covenants, including, certain obligations to reserve funds. The Loan documents also require the OP, as guarantor, to maintain a net worth of $150M and liquid assets having a market value of at least $10M. The Loan may be prepaid, in whole (or in part, subject to the satisfaction of the partial release conditions in Section 2.5.2 of the Loan Agreement) at any time after April 5, 2025 (or 90 days thereafter if Lender delivers notice to Borrower that Lender is undertaking a securitization), with no less than fifteen days prior written notice to Lenders, subject to paying a Yield Maintenance Premium (as defined in the Loan Agreement) or to partially defeasing the Loan

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1* Loan Agreement, dated as of April 5, 2024, among the borrower entities party thereto, Bank of Montreal, Barclays Capital Real Estate Inc., Socit Gnrale Financial Corporation, and KeyBank National Association. 10.2 Guaranty Agreement, dated as of April 5, 2024, by Global Net Lease Operating Partnership, L.P. in favor of Bank of Monteal, Barclays Capital Real Estate Inc., Socit Gnrale Financial Corporation, and KeyBank National Association. 10.3* Environmental Indemnity Agreement, dated as of April 5, 2024, by Global Net Lease Operating Partnership, L.P. and the borrower entities party thereto, for the benefit of Bank of Monteal, Barclays Capital Real Estate Inc., Socit Gnrale Financial Corporation, and KeyBank National Association. 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. * Pursuant to Item 601(b)(10)(iv) of Regulation S-K, portions of this exhibit have been omitted because the Company customarily and actually treats the omitted portions as private or confidential, and such portions are not material and would likely cause competitive harm to the Company if publicly disclosed. The Company will supplementally provide a copy of an unredacted copy of this exhibit to the U.S. Securities and Exchange Commission or its staff upon request.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GLOBAL NET LEASE, INC. Date: April 10, 2024 By: /s/ Edward M. Weil, Jr. Name: Edward M. Weil, Jr. Title: Chief Executive Officer ( Principal Executive Officer )

View Full Filing

View this 8-K filing on SEC EDGAR