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VICTOR, N.Y., March 03, 2025--(BUSINESS WIRE)--Broadstone Net Lease, Inc. (NYSE: BNL) ("Broadstone," "BNL," the "Company," "we," "our," or "us"), today announced the closing of a $1.5 billion Amended and Restated Credit Agreement, inclusive of a $1.0 billion revolving credit facility and $500 million term loan (together, the "Credit Facilities"). The Company also entered into conforming amendments to its 2027 and 2029 term loans.
The amended revolving credit facility has an initial term of four years, maturing in March 2029, and includes two six-month extension options that can be exercised at the Company’s election. The new term loan replaces the Company’s existing $400 million term loan due February 2026, has an initial term of three years, maturing in March 2028, and includes two 12-month extension options that can be exercised at the Company’s election. The term loan also includes a three-month delayed-draw feature for the incremental $100 million of commitments. Together, the terms of the Credit Facilities enhance the Company’s financial flexibility, providing increased liquidity, improved borrowing rates, and favorable adjustments to financial covenants that align with our investment strategy.
Kevin Fennell, Chief Financial Officer of Broadstone, commented, "We are grateful for the strong support of our banking partners, demonstrating their continued confidence in BNL. This successful transaction significantly enhances our financial flexibility and increases our weighted average debt maturity profile. With ample liquidity, no near-term debt maturities until April 2027, and a robust pipeline of investment opportunities, we are well positioned to execute on our growth objectives through our core building blocks."
J.P. Morgan Chase Bank, N.A., Capital One, National Association, Bank of Montreal, Manufacturers and Traders Trust Company, and Truist Bank acted as Joint Bookrunners and Joint Lead Arrangers. Other Joint Lead Arrangers included Keybanc Capital Markets, Inc., Regions Capital Markets, TD Securities (USA) LLC, U.S. Bank National Association, and Huntington National Bank.
About Broadstone Net Lease, Inc.
BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of December 31, 2024, BNL’s diversified portfolio consisted of 765 individual net leased commercial properties with 758 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.