ROCHESTER, N.Y., Oct. 3, 2012 /PRNewswire/ -- Broadstone Real Estate, LLC today announced that Broadstone Net Lease, LLC (BNL) closed on a new $200 million unsecured credit facility. The syndicated facility was closed on Tuesday, October 2, 2012 with five banks participating. M&T Bank, Regions Bank, Bank of Montreal, Bank of America, N.A. and RBS Citizens, N.A. are all participants in the facility.
The facility is comprised of a $100 million unsecured revolving credit facility and a $100 million unsecured term note which was fully funded at closing. The proceeds from the term note were utilized to repay existing mortgage debt and unsecured debt and provide working capital. The revolving credit facility is available to fund future property acquisitions.
"We are delighted with the result of this transaction," said Chairman and CEO Amy L. Tait. "The flexibility and growth capital that the facility provides is transformative for us and we are exceptionally pleased with the strong bank group that has made a commitment to the facility and to our company."
M&T Debt Capital Markets & Regions Capital Markets served as Joint Lead Arrangers for the facility. M&T also serves as Administrative Agent. Regions Bank served as Syndication Agent. BMO Capital Markets and Bank of America, N.A. acted as Co-Documentation Agents for the transaction. Tones Vaisey, PLLC represented Broadstone Net Lease in the transaction.
Broadstone Net Lease, Inc. is a private Real Estate Investment Trust (REIT) that invests in freestanding, single-tenant, absolute net-leased properties located throughout the United States. BNL now holds a diversified portfolio of medical office, industrial, restaurant, convenience store and specialty office, including 130 properties located in 24 states. It is currently targeting acquisitions in the $5 to $30 million range. The REIT is managed by Broadstone Real Estate, LLC. Additional information can be found at www.BroadStoneNetLease.com.
SOURCE Broadstone Real Estate, LLC