Broadstone Net Lease, the Rochester, NY, private real estate investment trust has boosted its borrowing capacity to $1.1 billion.
The company announced it has expanded its unsecured revolving credit facility from $425 million to $600 million for a total maximum borrowing capacity of $1.1 billion, including the facility’s accordion feature.
Broadstone also entered into a $450 million unsecured term loan with a seven-year maturity.
The company borrowed $300 million of the $450 million unsecured term loan and used the proceeds to repay its existing $300 million 2015 unsecured term loan in full.
The remaining $150 million under the new term loan facility is available to be drawn during a six-month delayed draw period ending August 27, 2019. The term loan includes a $100 million accordion feature that can increase the facility’s total size up to $550 million and matures in February 2026.
Capital One, National Association acted as Administrative Agent; BMO Capital Markets Corp., Manufacturers and Traders Trust Company, Regions Bank and SunTrust Bank, acted as Syndication Agents; KeyBank National Association and Branch Banking and Trust Company acted as Co-Documentation Agents; and, Capital One, National Association, BMO Capital Markets Corp., Manufacturers and Traders Trust Company, Regions Capital Markets, and SunTrust Robinson Humphrey, Inc., acted as Joint Lead Arrangers and Joint Bookrunners.
“The expansion of our revolving credit facility together with the successful execution of one of the largest seven-year term loans completed in the REIT space, is a great show of support from our lending partners and adds meaningfully to our financial flexibility and liquidity,” said Ryan Albano, Executive
Vice President and Chief Financial Officer of Broadstone and BNL.
“The increased borrowing capacity and lengthening of our debt maturity profile, builds on our own continued balance sheet flexibility, and puts us in a good position to address our pipeline of investment opportunities.”
