Broadstone Net Lease Secures $1.5B Credit Expansion
Broadstone Net Lease (BNL), an industrial-focused, diversified net lease REIT, has closed a $1.5 billion Amended and Restated Credit Agreement, comprising a $1 billion revolving credit facility and a $500 million term loan. The revolving facility matures in March 2029 with two six-month extension options, while the term loan matures in March 2028 with two 12-month extension options.
The new term loan replaces BNL’s existing $400 million term loan due February 2026 and includes a three-month delayed-draw feature for the additional $100 million of commitments.
“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,” said Kevin Fennell, CFO of Broadstone.
BNL primarily invests in single-tenant commercial real estate properties. The company’s portfolio consists of 765 properties with 758 of them located in 44 U.S. states and seven properties in four Canadian provinces across the industrial, retail, and other property types.
The transaction was led by major financial institutions including J.P. Morgan Chase Bank, Capital One, Bank of Montreal, M&T Bank, and Truist Bank as Joint Bookrunners and Joint Lead Arrangers.