Global Net Lease Inc. set up a program under which it may offer up to $200.0 million of its 6.875% series B cumulative redeemable perpetual preferred stock from time to time.
The diversified net-lease real estate investment trust said any net proceeds could be used to fund additional property acquisitions and other general corporate purposes, as well as to repay borrowings under its credit facility.
The REIT also amended its charter to increase the number of shares it is authorized to issue to 280.0 million, comprising 250.0 million common shares and 30.0 million preferred shares, from a previous total of 166,670,000. It filed articles supplementary with the State Department of Assessments and Taxation of Maryland to classify an additional 8.0 million authorized preferred shares as series B preferred shares.
BMO Capital Markets Corp., B. Riley FBR Inc., Ladenburg Thalmann & Co. Inc., D.A. Davidson & Co. and KeyBanc Capital Markets Inc. are the agents under the equity distribution agreement related to the at-the-market program, which was signed Dec. 13 by the REIT and Global Net Lease Operating Partnership LP.