Update shared on11 Aug 2025
GNL – $1.8B Revolving Credit Facility Refinance (Aug 2025)
Deal Highlights
- Size: $1.8B revolving credit facility.
- Maturity: Extended from Oct 2026 → Aug 2030 (+ two 6-month extensions possible).
- Interest Spread: Immediate -35 bps cut (total -70 bps since Q3 2024).
- Annual Savings: ~$2M interest cost reduction.
- Debt Maturities: No major maturities until 2027.
Strategic Impact
- Liquidity Boost: Frees up borrowing flexibility for operations, acquisitions, and refinancing needs.
- Lower Cost of Capital: Reduced spread directly supports AFFO stability.
- Stronger Credit Profile: Supported by earlier deleveraging and improved pricing terms.
- Relationship Depth: 8 lenders now involved (mix of long-term partners and new banks like Bank of America and M&T Bank).
Why It Matters for Investors
- Extends runway for capital needs without refinancing pressure.
- Reduces interest expense — modest but steady benefit to bottom line.
- Strengthens balance sheet credibility → supports REIT’s credit standing and dividend sustainability.
- Signals lender confidence in GNL’s stability after portfolio streamlining and debt reduction.
Disclaimer
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