Chicago, Sept. 10 – Broadstone Net Lease, Inc. sold $375 million of 2.6% 10-year senior notes (Baa2/BBB) on Friday at 99.816 to yield 2.621%, according to an FWP filed with the Securities and Exchange Commission.
The notes priced with a spread of 128 basis points over Treasuries.
The notes can optionally be redeemed before June 15, 2031, three months before the maturity date, with a Treasuries plus 20 bps make-whole premium. For the final three months, the notes can be redeemed at par.
J.P. Morgan Securities LLC, Truist Securities Inc. and U.S. Bancorp Investments, Inc. are joint bookrunners.
BMO Capital Markets Corp., Goldman Sachs & Co. LLC, M&T Securities, Inc and Morgan Stanley & Co. LLC are also listed as bookrunners.
Proceeds will be used to fund potential acquisition opportunities, to repay amounts outstanding under an unsecured revolving credit facility, term loans and other debt, and for other general corporate and working capital purposes.
Broadstone is a private real estate investment trust based in Rochester, N.Y., that invests in freestanding, single-tenant, absolute net-leased properties located throughout the United States.
| Issuer: | Broadstone Net Lease, Inc.
|
| Issue: | Senior notes
|
| Amount: | $375 million
|
| Maturity: | Sept. 15, 2031
|
| Bookrunners: | J.P. Morgan Securities LLC, Truist Securities Inc., U.S. Bancorp Investments, Inc. BMO Capital Markets Corp., Goldman Sachs & Co. LLC, M&T Securities, Inc and Morgan Stanley & Co. LLC
|
| Co-managers: | Capital One Securities, Inc., KeyBanc Capital Markets Inc., Regions Securities LLC and TD Securities (USA) LLC
|
| Trustee: | U.S. Bank NA
|
| Counsel to issuer: | Fried, Frank, Harris, Shriver & Jacobson LLP, Ballard Spahr LLP (Maryland law)
|
| Counsel to underwriters: | Clifford Chance US LLP
|
| Coupon: | 2.6%
|
| Price: | 99.816
|
| Yield: | 2.621%
|
| Spread: | Treasuries plus 128 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps until June 15, 2031; thereafter at par
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 15
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 11135EAA2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
