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Broadstone Net Lease Inc. closed Friday on a $150 million credit facility to be used to pay down its revolving line of credit and to fund future property acquisitions.
The facility is comprised of a fully funded $150 million term note, with an initial term of three years and options to extend it for two additional two-year terms, the Rochester company announced Friday.
“This transaction is exciting for BNL because of the flexibility afforded by the facility’s seven-year horizon, which matches well with our long-term leases,” Chief Financial Officer Christopher Czarnecki said in a statement.
The facility helps extend the real estate investment trust’s debt maturities, with adjustable borrowing rates, the company said.
The pricing for the facility is 25 to 35 basis points lower than the pricing for an unsecured term loan the company completed less than 12 months ago, Czarnecki said in the statement.
The REIT portfolio includes 185 commercial properties, with no lease maturities occurring prior to 2020. The portfolio has more than 700 accredited investors.
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