National Retail to repay credit facility with note offering proceeds

By Sarah Lizee

Olympia, Wash., Sept. 6 – National Retail Properties, Inc. plans to repay all the outstanding debt under its credit facility using proceeds from an offering of new notes, according to a 424B5 filing with the Securities and Exchange Commission.

As of Sept. 5, the company had $175 million of borrowings under its credit facility, which currently accrues interest at 2.156%. The facility matures on Jan. 31, 2019 and has a one-year extension option.

National Retail plans to use remaining proceeds, if any, from the note offering to fund future property acquisitions and for general corporate purposes.

National Retail Properties is a real estate investment trust that invests primarily in retail properties. It is based in Orlando, Fla.

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