American Finance Trust Inc. issued $242 million of long-term fixed-rate notes in two classes in a private placement.

The series 2019-1 net lease mortgage notes comprise $121 million of 3.8% seven-year class A-1 notes and $121 million of 4.5% 10-year class A-2 notes.

The diversified real estate investment trust said the issuance extends the weighted average life of its debt to 4.2 years from 3.8 years.

Net proceeds will mainly go toward refinancing assets funded under the REIT's revolving unsecured corporate credit facility.