By Andrea Heisinger
New York, June 28 - National Retail Properties, Inc. sold an upsized $300 million of 5.5% 10-year senior notes on Tuesday to yield 265 basis points over Treasuries, an informed source said.
The deal size was increased from $250 million. The notes were priced in line with talk in the 265 bps area.
The notes (Baa2/BBB/BBB) sold at 98.577 to yield 5.688%.
The securities have a make-whole call at Treasuries plus 40 bps until April 15, 2021 and can be redeemed after that date at par.
Bank of America Merrill Lynch and Wells Fargo Securities LLC ran the books.
Senior co-managers were BB&T Capital Markets, Citigroup Global Markets Inc., PNC Capital Markets LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.
Co-managers were Capital One Southcoast Inc. and Raymond James & Associates Inc.
Proceeds are being used to repay borrowings under a credit facility, to fund future property acquisitions and for general corporate purposes.
The real estate investment trust for retail properties is based in Orlando.
| Issuer: | National Retail Properties, Inc.
|
| Issue: | Senior notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | July 15, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, Wells Fargo Securities LLC
|
| Senior co-managers: | BB&T Capital Markets, Citigroup Global Markets Inc., PNC Capital Markets LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
|
| Co-managers: | Capital One Southcoast Inc., Raymond James & Associates Inc.
|
| Coupon: | 5.5%
|
| Price: | 98.577
|
| Yield: | 5.688%
|
| Spread: | Treasuries plus 265 bps
|
| Call: | Make-whole at Treasuries plus 40 bps until April 15, 2021; at par afterward
|
| Trade date: | June 28
|
| Settlement date: | July 6
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Price talk: | 265 bps area
|
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