National Retail to redeem all $222.9 million of 5.125% convertibles

By Tali David

Minneapolis, June 5 - National Retail Properties, Inc. plans to redeem all $222.9 million of its 5.125% convertible senior notes due 2028, the company announced in a press release.

The notes will be redeemed at par plus accrued interest on July 11.

Holders may elect to convert all or a portion of the notes into cash and, if applicable, shares of the company's common stock. The current conversion rate for the notes is 39.536 shares of common stock per $1,000 principal amount of notes, which is equal to a current conversion price of about $25.29 per share of common stock.

Holders who wish to convert their notes must do so by 5 p.m. ET on July 9.

U.S. Bank NA is the paying agent and conversion agent.

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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