Trowers & Hamlins advises GNL on £230m multi-property refinancing
International law firm Trowers & Hamlins has advised longstanding client Global Net Lease (GNL) on its £230 million refinancing which closed on 16 August.
The deal puts in place new debt for GNL's entire UK property portfolio, which consists of large, single-let buildings, let to anchor tenants including Amec Foster Wheeler, Harper Collins and Fujitsu on long leases. The financing was led by Lloyds, acting as agent and arranger, with a £130m participation by PGIM Real Estate.
The proceeds of the syndicated loan have been used to repay £209m of fixed-rate mortgage debt for 38 property assets owned by GNL in the UK with a loan maturity of August 2023.
Partner Eddie O'Hanrahan commented:
"We are delighted to have worked closely with GNL to complete the refinancing, which has been a key priority for GNL over the last 18 months. GNL plans to use its strategic long term funding solution to support its on-going growth. It has been a pleasure to act for GNL and we look forward to working with them again in the future".
The Banking team was led by partner Eddie O'Hanrahan and the property team was led by partner Eileen Duncan, supported by associate Samir Nathwani.