Broadstone Net Lease, Inc. Adds $300M Term Loan, Lowers Credit Margins

What Happened
Broadstone Net Lease, Inc. (BNL) announced on July 28, 2026 that it entered Amendment No. 2 to its Amended and Restated Credit Agreement, creating a new Term Loan II Facility for $300,000,000 maturing January 30, 2030. The amendment also reduces the applicable interest rate margins on the company’s revolving and term loan facilities. The company filed the 8‑K on July 29, 2026. BNL and its operating company also executed a Third Amendment to their separate Regions Term Loan Credit Agreement to align certain terms with the amended A&R Credit Agreement.

Key Details

• New Term Loan II Facility: $300,000,000 aggregate principal; maturity date January 30, 2030; effective date July 28, 2026.
• Availability and extensions: Borrowing window expires the earlier of (i) 12 months after the effective date, (ii) when commitments are fully utilized, or (iii) when commitments are terminated or reduced to zero. The Operating Company may extend the Term Loan II twice for 12 months each (subject to conditions) by paying an extension fee of 0.125% of outstanding principal.
• Margin changes: Margins now vary by credit rating. Based on BNL’s current investment‑grade rating (Baa2 / BBB), applicable margins are:
  • Revolving Facility: 0.800% per annum for Term Benchmark/RFR loans and 0.000% for Base Rate borrowings.
  • Term Loan Facility: 0.900% per annum for Term Benchmark/RFR loans and 0.000% for Base Rate borrowings.
    These margins apply to all outstanding borrowings under the A&R Credit Agreement, including pre‑existing loans and the new Term Loan II.
• Conforming amendment: A Third Amendment to the Regions Term Loan Agreement revises defined terms and conforms certain provisions to the amended A&R Credit Agreement.

Why It Matters
For investors, the transaction provides an immediate liquidity and financing alternative with $300M of new committed term debt and generally lower interest margins, which can reduce interest expense if drawn. At the same time, the new facility increases total debt outstanding and extends maturity to 2030, so it affects leverage and debt service obligations on the balance sheet. The margin adjustments tied to credit ratings mean future borrowing costs could change if the company’s rating moves.