ROCHESTER, N.Y. – On Friday, June 27, 2014, Broadstone Net Lease (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, announced a recast of its October 2012 multi-bank unsecured credit facility.  Wells Fargo Bank N.A. and SunTrust Bank were added to the syndicated facility, which already includedM&T Bank (Joint Lead Arranger and Administrative Agent), Regions Bank (Joint Lead Arranger), Bank of Montreal, and RBS Citizens, N.A.  

The facility is comprised of a $50 million unsecured term note and a $165 million revolving line of credit, and lowers BNL’s borrowing costs by 25-35 basis points, depending on the REIT’s overall leverage. It has an initial 3-year term and can be extended at BNL’s option for up to two, 12-month periods.  Broadstone now has more than $400 million in unsecured debt commitments across its two credit facilities.  “Increasing our line of credit from $100 million to $165 million provides us with exceptional flexibility as we increase our acquisitions pace,” said Broadstone’s CFO, Chris Czarnecki. “The improved pricing on this facility is reflective of our growing size, conservative capital structure, and well-managed portfolio.”  Continue reading →