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    SEC Form FWP filed by Broadstone Net Lease Inc.

    9/23/25 4:26:19 PM ET
    $BNL
    Real Estate Investment Trusts
    Real Estate
    Get the next $BNL alert in real time by email
    FWP 1 d20145dfwp.htm FWP FWP

    Filed Pursuant to Rule 433

    Registration Statement Nos. 333-279115 and 333-279115-01

    Relating to Preliminary Prospectus Supplement dated September 23, 2025

    to Prospectus dated May 3, 2024

    Pricing Term Sheet

    Broadstone Net Lease, LLC

    $350 million 5.000% Senior Notes due 2032

    September 23, 2025

     

    Issuer:    Broadstone Net Lease, LLC
    State of Formation:    New York
    Guarantor:    Broadstone Net Lease, Inc.
    Expected Ratings*    Moody’s: Baa2 (stable) / S&P: BBB (stable)
    Security:    5.000% Senior Notes due 2032
    Aggregate Principal Amount:    $350,000,000
    Maturity Date:    November 1, 2032
    Interest Rate:    5.000% per annum
    Interest Payment Dates:    May 1 and November 1, commencing May 1, 2026
    Price to Public:    99.151% of the aggregate principal amount
    Yield to Maturity:    5.143%
    Benchmark Treasury:    UST 3.875% due August 31, 2032
    Spread to Benchmark Treasury:    T + 128 basis points
    Benchmark Treasury Price / Yield:    100-02 1⁄4 / 3.863%
    Optional Redemption:    Prior to September 1, 2032 (two months prior to the Maturity Date of the Notes), “make-whole” redemption at the Adjusted Treasury Rate plus 20 basis points (calculated as though the actual Maturity Date of the Notes was September 1, 2032), plus accrued and unpaid interest to, but not including, the redemption date. On and after September 1, 2032 (two months prior to the Maturity Date of the Notes), at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date. See the preliminary prospectus supplement for the definition of “Adjusted Treasury Rate” and for further terms and provisions applicable to optional redemption and the calculation of the redemption price.


    Trade Date:    September 23, 2025
    Settlement Date:    September 26, 2025 (T+3); under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the date that is one business day preceding the settlement date will be required, by virtue of the fact that the Notes initially settle in T+3 to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes during such period should consult their own advisors.
    CUSIP / ISIN:    11134GAA8 / US11134GAA85
    Minimum denomination    $2,000 and integral multiples of $1,000 in excess thereof
    Joint Book-Running Managers   

    J.P. Morgan Securities LLC

    Truist Securities, Inc.
    U.S. Bancorp Investments, Inc.

    BMO Capital Markets Corp.

    TD Securities (USA) LLC

    Morgan Stanley & Co. LLC

    M&T Securities, Inc.

    KeyBanc Capital Markets Inc.

    Capital One Securities, Inc.

    Regions Securities LLC

    Co-Managers   

    Huntington Securities, Inc.

    Mizuho Securities USA LLC

    Samuel A. Ramirez & Company, Inc.

    Roberts & Ryan, Inc.

     

    *

    A securities rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn at any time. Each of the ratings above should be evaluated independently of any other security rating.

    Associated Investment Services, Inc. (AIS), a Financial Industry Regulatory Authority member, an indirect, wholly owned subsidiary of Associated Banc-Corp, is being paid a referral fee by Samuel A. Ramirez & Company, Inc.

    The issuer and guarantor have filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the preliminary prospectus supplement and other documents the issuer and guarantor have filed with the SEC for more complete information about the issuer and guarantor and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, the guarantor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting: J.P. Morgan Securities LLC collect at 1-212-834-4533; Truist Securities, Inc. toll free at 1-800-685-4786; or U.S. Bancorp Investments, Inc. toll free at (877) 558-2607.

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