National Retail Properties, Inc. Prices Offering of $300 Million of 5.500% Senior Unsecured Notes Due 2021
ORLANDO, Fla., June 28, 2011 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced that it has priced its public offering of $300 million of 5.500% senior unsecured notes due July 15, 2021. The public offering price was 98.577% of the principal amount for a yield of 5.688%. The notes will be senior unsecured obligations of the Company and are registered under the Company's existing shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). The Company expects to use a portion of the net proceeds from the sale of the notes to repay borrowings under its credit facility and the remainder to fund future property acquisitions and for general corporate purposes. The offering is expected to close on July 6, 2011, subject to customary closing conditions.
Joint book-running managers for the offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC. Senior co-managers for the offering are BB&T Capital Markets, a division of Scott & Stringfellow, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. Other co-managers for the offering are Capital One Southcoast, Inc. and Raymond James & Associates, Inc.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy 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 other jurisdiction. Copies of the prospectus and prospectus supplement relating to these securities may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated and from Wells Fargo Securities, LLC. Any requests can be made by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated by telephone at 1-800-294-1322, by email at [email protected] or by U.S. mail at 100 West 33rd Street, 3rd Floor, New York, New York 10001, attn: Prospectus Department, or by contacting Wells Fargo Securities, LLC by telephone at 1-800-326-5897, by email at [email protected] or by U.S. mail at 1525 West W.T. Harris Blvd. NC0675, Charlotte, North Carolina 28262, attn: Capital Markets Client Support.
National Retail Properties, Inc. acquires, owns, invests in, manages and develops properties that are leased primarily to retail tenants under long-term net leases. As of March 31, 2011, the Company owned 1,223 investment properties in 46 states with a gross leasable area of approximately 13.3 million square feet. For more information on the Company, visit www.nnnreit.com.
Statements in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the availability of capital and the profitability of the company's taxable subsidiary. Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's SEC filings, including, but not limited to, Item 1A. Risk Factors of the company's Annual Report on Form 10-K, as amended. Copies of each filing may be obtained from the Company or the SEC. Consequently, such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company 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.
SOURCE National Retail Properties, Inc.
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