ORLANDO, Fla., March 1, 2021 /PRNewswire/ -- National Retail
Properties, Inc. (NYSE: NNN) (the "Company") today announced that
it has priced its public offering of $450,000,000 of 3.500% senior unsecured notes due
2051 (the "notes"). The notes were offered at 98.132% of the
principal amount with a yield to maturity of 3.602%. Interest
on the notes will be payable semi-annually on April 15 and October 15 of each year,
commencing on October 15, 2021.
The notes mature on April 15, 2051.
The offering is expected to close on or about March 10, 2021, subject to customary closing
conditions.
BofA Securities, Inc., Wells Fargo Securities, LLC, Morgan
Stanley & Co. LLC, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
are acting as joint book-running managers and representatives of
the underwriters for the offering. RBC Capital Markets, LLC, Truist
Securities, Inc. and PNC Capital Markets LLC are acting as joint
book-running managers for the offering. Citigroup Global Markets
Inc., Capital One Securities, Inc. and Raymond James & Associates, Inc. are acting
as senior co-managers for the offering.
The Company intends to use the net proceeds from the offering of
the notes to redeem all of its outstanding 3.30% notes due 2023, to
fund future property acquisitions and for general corporate
purposes. This press release does not constitute a notice of
redemption under the indenture governing such 3.30% notes due
2023.
The offering is being made only by means of a prospectus
supplement and accompanying prospectus, which are part of an
effective shelf registration statement the Company filed with the
Securities and Exchange Commission ("SEC"). You may obtain
copies of these documents for free by visiting EDGAR on the SEC's
website at www.sec.gov. Alternatively, copies of these documents,
when available, may be obtained by contacting BofA Securities,
Inc., 200 North College Street, 3rd Floor, NC1-004-03-43,
Charlotte, NC 28255-001,
Attention: Prospectus Department, by telephone: 1-800-294-1322 or
by email at dg.prospectus_requests@bofa.com; Wells Fargo
Securities, LLC, 550 South Tryon Street, 5th Floor, Charlotte, North Carolina 28202, Attention:
WFS Customer Service, by telephone: 1-800-645-3751, or by email at
wfscustomersupport@wellsfargo.com; Morgan Stanley & Co. LLC,
1585 Broadway, 4th Floor, New York, New
York 10036, by telephone: 1-866-718-1649, or by email at
prospectus@morganstanley.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, 12th Floor,
New York, New York 10017,
Attention: Transaction Management Group, by telephone:
1-855-495-9846, or by email at USTMG@tdsecurities.com; or U.S.
Bancorp Investments, Inc., 214 N. Tryon
Street, 26th Floor, Charlotte,
North Carolina 28202, Attention: Credit Fixed Income or by
telephone: 1-877-558-2607.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
National Retail Properties, Inc. invests primarily in
high-quality retail properties subject generally to long-term, net
leases. As of December 31, 2020, the
Company owned 3,143 properties in 48 states with an aggregate gross
leasable area of approximately 32.5 million square feet and with a
weighted average remaining lease term of 10.7 years.
Statements in this press release that are not strictly
historical are "forward-looking" statements. These statements
generally are characterized by the use of terms such as "believe,"
"expect," "intend," "may," "estimated," or other similar words or
expressions. Forward-looking statements involve known and unknown
risks, which may cause the Company's actual future results to
differ materially from expected results. For example, the fact that
this offering has priced may imply that this offering will close,
but the closing is subject to conditions customary in transactions
of this type and may be delayed or may not occur at all. No
assurance can be given that the offering discussed above will be
completed on the terms described or at all or that the net proceeds
of this offering will be used as described. Completion of this
offering on the terms described, and the application of the net
proceeds of this offering, are subject to numerous possible events,
factors and conditions, many of which are beyond the control of the
Company or are unknown to it. These risks include, among others,
the potential impacts of the COVID-19 pandemic on the Company's
business operations, financial results and financial position and
on the world economy, general economic conditions, local real
estate conditions, changes in interest rates, increases in
operating costs, the preferences and financial condition of the
Company's tenants, the availability of capital and risks related to
the Company's status as a REIT. Additional information concerning
these and other factors that could cause actual results to differ
materially from these forward-looking statements is contained from
time to time in the Company's SEC filings, including, but not
limited to, the Company's Annual Report on Form 10-K. Copies of
each filing may be obtained from the Company or the SEC. Such
forward-looking statements should be regarded solely as reflections
of the Company's current operating plans and estimates. Actual
results may differ materially from what is expressed or forecast in
this press release. National Retail Properties, Inc. undertakes no
obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date these statements were made.
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SOURCE National Retail Properties, Inc.