National Retail Properties offers fixed-rate notes due 2052

By Rebecca Melvin

Concord, N.H., Sept. 15 – National Retail Properties Inc. is offering fixed-rate senior notes due 2052, according to a 424B5 filing with the Securities and Exchange Commission on Wednesday.

The notes are redeemable with a make-whole premium until six months prior to maturity and then they are callable at par.

BofA Securities, Inc., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, RBC Capital Markets LLC and Truist Securities Inc. are the bookrunners for the deal.

Proceeds will be used to redeem the company’s series F preferred securities, with the remainder to be used to fund future property acquisitions and for general corporate purposes.

The company said 13.8 million depositary shares are outstanding, and the total cost of redeeming the series F preferred securities is expected to be $346.5 million.

National Retail Properties is an Orlando, Fla.-based real estate investment trust.

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