National Retail to pay down credit facility borrowings via new notes

By Tali Rackner

Norfolk, Va., May 5 - National Retail Properties, Inc. plans to repay outstanding debt under its credit facility with the proceeds from a notes offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of May 2, borrowings under the credit facility, which matures on Oct. 30, 2016, were $72.6 million.

The remainder of the net proceeds, if any, will be used to fund future property acquisitions and for general corporate purposes. Pending application of the net proceeds, the company will invest the net proceeds in short-term income-producing investments.

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

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