Net-lease real estate investment trust Broadstone Net Lease Inc. closed its $325 million private offering of unsecured, fixed-rate, interest-only senior notes.

The offering comprises $225 million of 5.09% series B notes with a 10-year maturity and $100 million of 5.19% series C notes with a 12-year maturity. The company issued $100 million of the series B notes and $50 million of the series C notes on July 2, with the remaining notes to be issued Sept. 13 under a delayed-draw feature.

The REIT will use the net proceeds for general corporate purposes, including debt refinancing and funding future acquisitions.

The notes will be placed with a purchasing group of 11 insurance companies. The offering had an initial target of $150 million, but was upsized due to market demand.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and SunTrust Robinson Humphrey Inc. served as the offering's joint-lead placement agents.