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Global Net Lease upsizes total commitments to $1.24B, makes other changes

Global Net Lease's operating partnership Global Net Lease OP LP amended its existing credit facility to boost the aggregate commitments of the facility to roughly $1.24 billion from approximately $906.2 million, among certain other changes.

The credit facility consists of a senior unsecured multicurrency revolving credit facility and a senior unsecured term loan facility.

Following the amendments, the entire €359.6 million total commitment with the respect to the term-loan component was outstanding, and $170.7 million of the $835.0 million total commitment with the respect to the revolving credit facility component was outstanding.

The company's aggregate total commitments can be increased up to an aggregate additional amount of approximately $515.0 million, applicable to one or both components of the credit facility, with total commitments not exceeding $1.75 billion at the request of the company, subject in all respects to the consent of the lenders.

The maturity of the revolving credit facility and term loan was extended to Aug. 1, 2023, and Aug. 1, 2024, respectively.

The amendment also changed the applicable interest rate margin, which is based on a range from 0.45% to 1.05% per annum with respect to base rate borrowings under the revolving credit facility, 1.45% to 2.05% per annum with respect to London interbank offered rate borrowings under the revolving credit facility, 0.40% to 1.00% per annum with respect to base rate borrowings under the term loan and 1.40% to 2.00% per annum with respect to Libor borrowings under the term loan.