Global Net Lease reopened its underwritten public offering of 7.25% series A cumulative redeemable preferred stock, which closed Sept. 12.
The company plans to grant the underwriter a 30-day option to purchase additional shares of the preferred stock.
Proceeds from the add-on offering will be used for property acquisitions and for general corporate purposes.
The shares to be sold under the expanded offering, which do not have a stated maturity, will be consolidated to form a single series with the company's outstanding series A cumulative preferred stock.
Global Net Lease will be able to redeem in part or in whole the series A preferred stock for $25 plus accrued and unpaid dividends, at any time or from time to time on and after Sept. 12, 2022.
BMO Capital Markets Corp. is serving as the sole book-running manager for the offering.