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Broadstone Net Lease Announces Pricing of $375 Million in Senior Notes due 2031
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Rhea-AI Summary
Broadstone Net Lease, Inc. (NYSE: BNL) has announced a public offering of $375 million in senior unsecured notes due September 15, 2031, priced at 99.816% of principal. The expected closing date is also September 15, 2021, subject to customary conditions. Proceeds will fund acquisition opportunities, repay existing debts under BNL's $900 million revolving credit facility, and support general corporate needs. BNL, an internally-managed REIT, manages a diverse portfolio of 684 properties across various sectors as of June 30, 2021.
Positive
Successful pricing of $375 million in senior unsecured notes at 99.816% of principal.
Proceeds aimed at funding acquisitions and reducing existing debt, enhancing financial flexibility.
Negative
None.
ROCHESTER, N.Y.--(BUSINESS WIRE)--
Broadstone Net Lease, Inc. (NYSE: BNL), an internally-managed real estate investment trust (“BNL,” the “Company,” “we,” “our,” or “us”), today announced that Broadstone Net Lease, LLC, its operating partnership (the “issuer” or the “OP”), has priced a public offering of $375 million aggregate principal amount of senior unsecured notes due 2031 (the “Notes”). The Notes were priced at 99.816% of the principal amount and will mature on September 15, 2031. The closing of the offering is expected to occur on September 15, 2021, subject to satisfaction of customary closing conditions. The Notes will be senior unsecured obligations of the OP and will be jointly and severally guaranteed by BNL.
BNL intends to use a portion of the net proceeds from the offering of the Notes to fund potential acquisition opportunities, to repay amounts outstanding under BNL’s $900 million revolving credit facility, term loans and other indebtedness, and for other general corporate and working capital purposes.
J.P. Morgan Securities LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc. are acting as joint lead book-running managers for the offering. BMO Capital Markets Corp., Goldman Sachs & Co. LLC, M&T Securities, Inc. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. Capital One Securities, Inc., KeyBanc Capital Markets Inc., Regions Securities LLC and TD Securities (USA) LLC are acting as co-managers for the offering.
A shelf registration statement (including a prospectus) relating to these securities was filed on June 23, 2021 with the Securities and Exchange Commission (the “SEC”) and automatically became effective upon filing. Before you invest, you should read the prospectus in that registration statement and the documents incorporated by reference in that registration statement, as well as the prospectus supplement related to this offering. Copies of these documents are available at no charge on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and the accompanying prospectus may be obtained, when available, from: J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, or by telephone at (212) 834-4533; Truist Securities, Inc., 303 Peachtree Street, Atlanta, GA 30308, Attn: Prospectus Dept, or by telephone at (800) 685-4786; or U.S. Bancorp Investments, Inc., 214 N. Tryon St., 26th Floor, Charlotte, NC 28202, Attention: Credit Fixed Income, or by telephone at (877) 558-2607.
The offering of these securities is being made only by means of a prospectus supplement and an accompanying prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Broadstone Net Lease, Inc.
BNL is an internally-managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. BNL utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of June 30, 2021, BNL’s diversified portfolio consisted of 684 individual net leased commercial properties with 683 properties in 42 U.S. states and one property in Canada across the industrial, healthcare, restaurant, retail, and office property types.
What is the recent announcement by Broadstone Net Lease (BNL)?
Broadstone Net Lease (BNL) announced a public offering of $375 million in senior unsecured notes due September 15, 2031.
How will Broadstone Net Lease use the proceeds from the notes offering?
BNL plans to use the proceeds to fund acquisition opportunities, repay debt under its $900 million revolving credit facility, and for general corporate purposes.
What is the maturity date of the senior unsecured notes issued by BNL?
The senior unsecured notes issued by BNL will mature on September 15, 2031.
When is the expected closing date for the BNL notes offering?
The expected closing date for the BNL notes offering is September 15, 2021.
What is the significance of the pricing of the BNL notes at 99.816%?
The pricing of the BNL notes at 99.816% indicates investor confidence and reflects favorable market conditions for the offering.
