Global Net Lease, The Necessity Retail Reit Complete All-Stock Merger
Global Net Lease Inc. (GNL) and The Necessity Retail REIT Inc. (RTL) completed their previously announced all-stock merger, including the internalization of both GNL’s and RTL’s advisory and property management functions.
Under the terms of the agreement, RTL shareholders received 0.670 shares of GNL for each common share of RTL.
“We are very excited to complete the merger of Global Net Lease and The Necessity Retail REIT, creating the third-largest listed net lease REIT with a global presence, including over 1,300 properties and more balanced sector exposures, said James Nelson and Michael Weil, co-CEOs of GNL.
On August 31, The Necessity Retail REIT completed a $260 million 10-year 6.45% interest-only commercial mortgage-backed security loan to pay down the company’s credit facility ahead of the proposed buyout.
That same day, Global Net Lease announced a $500 million expansion of its credit facility to nearly $2 billion to facilitate the merger agreement.
