By Stephanie N. Rotondo
Seattle, Oct. 4 – National Retail Properties Inc. priced an upsized $300 million of 5.2% series F cumulative redeemable preferred stock (expected ratings: Baa2/BBB-/BBB-) at par of $25.00 on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
Price talk was 5.25%, a market source reported.
The company was originally expected to sell $200 million of preferreds.
The deal includes a $45 million over-allotment option.
The preferreds will be issued as depositary shares representing a 1/100th interest.
Wells Fargo Securities LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC are the joint bookrunners.
Dividends will be payable on the 15th day of March, June, September and December, beginning Dec. 15. The preferreds become callable on or after Oct. 11, 2021 or upon a change of control at par plus accrued dividends.
The Orlando, Fla.-based real estate investment trust will use proceeds to repay all outstanding debt under a credit facility. Any remaining proceeds will be used to fund future property acquisitions and for general corporate purposes.
| Issuer: | National Retail Properties Inc.
|
| Securities: | Series F cumulative redeemable preferred stock
|
| Amount: | $300 million, or 12 million shares
|
| Greenshoe: | $45 million, or 1.8 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Wells Fargo Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC
|
| Senior co-managers: | Citigroup Global Markets Inc., Raymond James & Associates Inc., RBC Capital Markets, Stifel Nicolaus & Co.
|
| Co-managers: | BB&T Capital Markets, Capital One Securities Inc., PNC Capital Markets LLC, U.S. Bancorp Investments Inc.
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| Dividend: | 5.2%
|
| Price: | Par of $25.00
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| Yield: | 5.2%
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| Talk: | 5.25%
|
| Call options: | On or after Oct. 11, 2021 or upon a change of control at par plus accrued dividends
|
| Pricing date: | Oct. 4
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| Settlement date: | Oct. 11
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| Expected ratings: | Moody’s: Baa2
|
| S&P: BBB-
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| Fitch: BBB-
|
| Expected listing: | NYSE: NNNPF
|
| Cusip: | 637417874
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