National Retail Properties markets $350 million notes due 2051; talk 165 bps area over Treasuries

By Cristal Cody

Chicago, March 1 – National Retail Properties Inc. is selling fixed-rate senior notes due 2051, according to a 424B5 filing with the Securities and Exchange Commission on Monday.

The notes are being talked at an issue size of $350 million and are expected in the 165 basis points 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 and U.S. Bancorp Investments, Inc.

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.

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