New Issue: National Retail prices $400 million 3.5% notes due 2027 at 145 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Sept. 6 – National Retail Properties, Inc. priced $400 million of 3.5% 10-year notes (Baa1/BBB+/BBB+) on Wednesday at 99.593 to yield 3.548% and a spread of Treasuries plus 145 basis points, according to an FWP filed with the Securities and Exchange Commission.

Citigroup Global Markets Inc., BofA Merrill Lynch, Wells Fargo Securities LLC, Jefferies & Co., RBC Capital Markets, LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. were the bookrunners.

Proceeds will be used to repay debt under a credit facility, for future property acquisitions and for general corporate purposes.

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

Issuer:	National Retail Properties, Inc.
Amount:	$400 million
Description:	Notes
Maturity:	Oct. 15, 2027
Bookrunners:	Citigroup Global Markets Inc., BofA Merrill Lynch, Wells Fargo Securities LLC, Jefferies & Co., RBC Capital Markets, LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.
Senior co-managers:	BB&T Capital Markets, Morgan Stanley & Co. LLC, Capital One Securities, Inc. and Raymond James & Associates, Inc.
Coupon:	3.5%
Price:	99.593
Yield:	3.548%
Spread:	Treasuries plus 145 bps
Call features:	Make-whole call at Treasuries plus 25 bps before July 15, 2027; thereafter at par
Trade date:	Sept. 6
Settlement date:	Sept. 14
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: BBB+
Distribution:	SEC registered

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