Broadstone Net Lease, Inc. (NYSE: BNL) has announced the closing of a $1.5 billion amended and restated credit agreement, comprising a $1.0 billion revolving credit facility and a $500 million term loan. The amended revolving credit facility has a four-year initial term, maturing in March 2029, with two six-month extension options. The new term loan, replacing the existing $400 million term loan due February 2026, has a three-year initial term, maturing in March 2028, and includes two 12-month extension options, along with a three-month delayed-draw feature for the incremental $100 million of commitments.
These new credit facilities are expected to provide increased liquidity, improved borrowing rates, and favorable adjustments to financial covenants that align with Broadstone's investment strategy. Kevin Fennell, the company's Chief Financial Officer, emphasized the transaction's significance in enhancing the company’s financial flexibility and increasing its weighted average debt maturity profile. Broadstone has no near-term debt maturities until April 2027 and aims to leverage its robust pipeline of investment opportunities to drive growth.
The joint bookrunners and joint lead arrangers for this transaction included J.P. Morgan Chase Bank, N.A., Capital One, National Association, Bank of Montreal, Manufacturers and Traders Trust Company, and Truist Bank, along with other financial institutions.
As of December 31, 2024, Broadstone'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 industrial, retail, and other property types.
This development underscores Broadstone's commitment to strengthening its financial position and capitalizing on growth opportunities in the net lease real estate market. Today the company's shares have moved -0.7% to a price of $16.74. For the full picture, make sure to review Broadstone Net Lease's 8-K report.
