National Retail ups credit facility to $1.1 billion, trims pricing

By Wendy Van Sickle

Columbus, Ohio, June 23 – National Retail Properties, Inc. amended its unsecured bank credit facility to increase the available borrowing capacity and reduce pricing, according to a press release.

The facility was increased to $1.1 billion from $900 million, and pricing was reduced to Libor plus 77.5 basis points from Libor plus 87.5 bps.

As part of the company's environmental, social and governance initiatives, pricing may be reduced if specified metrics are achieved.

The amended facility matures June 2025, with options to extend maturity to June 2026.

The amended facility also includes an accordion feature to increase the facility size to up to $2 billion.

Wells Fargo Securities, LLC and BofA Securities, Inc. were joint lead arrangers and joint bookrunners, with Wells Fargo Bank, NA as the administrative agent and Bank of America, NA as the syndication agent.

PNC Capital Markets LLC, RBC Capital Markets, Truist Securities and U.S. Bank NA were documentation agents and joint lead arrangers.

National Retail is an Orlando, Fla.-based real estate investment trust for retail properties.

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