Broadstone Net Lease completes $350 million senior notes offering due 2032

Broadstone Net Lease, Inc. (NYSE:BNL), a real estate investment trust with a market capitalization of $3.58 billion and an impressive 94.5% gross profit margin, announced Friday the closing of a public offering of $350 million aggregate principal amount of 5.000% senior notes due 2032, according to a statement filed with the Securities and Exchange Commission. According to InvestingPro data, the company maintains a GOOD financial health score, with strong liquidity metrics supporting its debt management strategy.

The notes, issued by Broadstone Net Lease, LLC, the company’s operating partnership, are fully and unconditionally guaranteed by Broadstone Net Lease, Inc. The offering was conducted under an effective shelf registration statement, with J.P. Morgan Securities LLC, Truist Securities, Inc., and U.S. Bancorp Investments, Inc. acting as representatives of the underwriters.

The purchase price paid by the underwriters was 98.526% of the principal amount. The notes are senior unsecured obligations of the issuer and rank equally with all other current and future senior unsecured debt. They are subordinated to all existing and future secured debt and certain subsidiary debt not covered by the guarantee.

Interest on the notes will be paid semi-annually on May 1 and November 1 of each year, beginning May 1, 2026. The notes mature on November 1, 2032. The issuer may redeem the notes, in whole or in part, at any time at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, and a make-whole premium as specified in the indenture, except that the make-whole premium does not apply to redemptions on or after September 1, 2032.

The indenture governing the notes includes restrictive covenants, such as maintaining a specified percentage of unencumbered assets. Certain subsidiaries may be required to guarantee the notes in the future if they guarantee other specified debt obligations.

Events that may constitute defaults under the notes include failure to pay interest or principal, breaches of certain covenants, and specific bankruptcy or insolvency events. The offering documents, including the underwriting agreement and indentures, are incorporated as exhibits to the SEC filing.

This information is based on a press release statement filed with the SEC.

In other recent news, Broadstone Net Lease reported mixed results for its Q2 2025 earnings. The company’s earnings per share (EPS) fell short of expectations, coming in at $0.10 compared to the forecasted $0.18, representing a 44.44% negative surprise. However, revenue exceeded projections, reaching $112.99 million against an anticipated $110.75 million, a 2.02% positive surprise. Broadstone Net Lease also completed a $350 million public offering of senior unsecured notes due 2032, with the notes priced at 99.151% of the principal amount and carrying a 5.000% interest rate.

Additionally, Goldman Sachs upgraded Broadstone Net Lease from Sell to Buy, raising its price target to $21.00, citing confidence in the company’s management and visible earnings growth from its development pipeline. KeyBanc also upgraded the company to Overweight, setting a price target of $20.00, following Broadstone’s strategic portfolio repositioning and significant asset dispositions. These recent developments reflect various strategic moves and financial activities undertaken by Broadstone Net Lease.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.