By Taylor Fox and Cristal Cody
New York, March 1 – National Retail Properties, Inc. priced $450 million of 3.5% senior notes due April 15, 2051 (Baa1/BBB+/BBB+) on Monday at a spread of Treasuries plus 137 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 98.132 to yield 3.602%.
As previously reported, the notes were originally talked at an issue size of $350 million and were expected in the 165 bps area over Treasuries, according to a market source.
The notes will have an optional redemption with a make-whole premium until six months prior to the maturity date when any call would be at par.
Bookrunners for the offering are BofA Securities, Inc., Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., RBC Capital Markets LLC, Truist Securities Inc. and PNC Capital Markets LLC.
Proceeds from the offering will be used to redeem all of the outstanding 3.3% notes due 2023 with any remaining proceeds to be used for property acquisitions and for general corporate purposes.
National Retail Properties is an Orlando, Fla.-based real estate investment trust.
| Issuer: | National Retail Properties, Inc.
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| Amount: | $450 million
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| Maturity: | April 15, 2051
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| Description: | Senior notes
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| Bookrunners: | BofA Securities, Inc., Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., RBC Capital Markets LLC, Truist Securities Inc. and PNC Capital Markets LLC
|
| Co-managers: | Citigroup Global Markets Inc., Capital One Securities, Inc. and Raymond James & Associates, Inc.
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| Coupon: | 3.5%
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| Price: | 98.132
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| Yield: | 3.602%
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| Spread: | Treasuries plus 137 bps
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| Call features: | Make-whole call before Oct. 15, 2050 at Treasuries plus 25 bps; thereafter at par
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| Trade date: | March 1
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| Settlement date: | March 10
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 165 bps area
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