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Global Net Lease to offer 1 million shares of preferred stock

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Global Net Lease to offer 1 million shares of preferred stock

Global Net Lease plans to issue and sell 1 million shares of its 7.25% series A cumulative redeemable preferred stock at $25.00 apiece in an underwritten public offering.

BMO Capital Markets Corp., the sole underwriter for the offering, has a 30-day option to purchase up to an additional 150,000 shares.

The offering is expected to close Dec. 19, and the company foresees net proceeds of roughly $24.2 million.

In exchange for 7.25% series A preferred units, the proceeds will be funneled into the company's operating partnership, which will use them to purchase additional properties and for general corporate purposes.