ORLANDO, Fla., Oct. 4, 2016 /PRNewswire/ -- National Retail
Properties, Inc. (NYSE: NNN) (the "Company") today announced that
it has priced an underwritten public offering of 12,000,000
depositary shares, each representing a 1/100th interest
in a share of its 5.20% Series F Cumulative Redeemable Preferred
Stock, at a price of $25.00 per
depositary share. As part of the offering, the Company granted the
underwriters a 30-day option to purchase an additional 1,800,000
depositary shares to cover over-allotments, if any. The offering is
expected to close on or about October 11,
2016, subject to customary closing conditions. The Company
intends to apply to list the depositary shares on the New York
Stock Exchange under the symbol "NNNPRF". If its application
is approved, the Company expects trading of the depositary shares
on the New York Stock Exchange to commence within the 30-day period
after the initial delivery of the depositary shares.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC and Wells Fargo Securities, LLC acted as
joint book-running managers for the offering. Citigroup Global
Markets Inc., Raymond James &
Associates, Inc., RBC Capital Markets, LLC and Stifel, Nicolaus
& Company, Incorporated acted as senior co-managers for the
offering. Finally, BB&T Capital Markets, a division of BB&T
Securities, LLC, Capital One Securities, Inc., PNC Capital Markets
LLC and U.S. Bancorp Investments, Inc. acted as co-managers for the
offering.
The Company intends to use the net proceeds from the offering to
repay all of the outstanding indebtedness under its credit
facility. The Company intends to use the remainder of the net
proceeds, if any, to fund future property acquisitions and for
general corporate purposes.
This offering is being made pursuant to an effective shelf
registration statement that the Company previously filed with the
Securities and Exchange Commission (the "SEC") and only by means of
a prospectus supplement and accompanying prospectus. You may
obtain these documents for free by visiting EDGAR on the SEC's
website at www.sec.gov. Alternatively, copies of the
prospectus supplement, when available, and accompanying prospectus
for this offering may be obtained by contacting Merrill Lynch,
Pierce, Fenner & Smith Incorporated, 200 North College Street,
NC1-004-03-43, Charlotte, NC
28255-0001, Attention: Prospectus Department, by telephone at
1-800-294-1322, or by email at dg.prospectus_requests@baml.com;
Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor,
New York, New York 10014,
Attention: Prospectus Department; or Wells Fargo Securities,
LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402, Attention: WFS
Customer Service, by telephone at 1-800-645-3751, or by e-mail at
wfscustomerservice@wellsfargo.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
National Retail Properties, Inc. acquires, owns, invests in and
develops properties that are leased primarily to retail tenants
under long-term net leases and are held primarily for
investment. As of June 30,
2016, the Company owned 2,452 properties in 48 states with
an aggregate gross leasable area of approximately 26.3 million
square feet with a weighted average remaining lease term of 11.4
years.
Statements in this press release that are not strictly
historical are "forward-looking" statements. These statements
generally are characterized by the use of terms such as "believe,"
"expect," "intend," "may," "estimated," or other similar words or
expressions. Forward-looking statements involve known and unknown
risks, which may cause the Company's actual future results to
differ materially from expected results. For example, the fact that
this offering has priced may imply that this offering will close,
but the closing is subject to conditions customary in transactions
of this type and may be delayed or may not occur at all. No
assurance can be given that the offering discussed above will be
completed on the terms described or at all or that the net proceeds
of this offering will be used as described. Completion of this
offering on the terms described, and the application of the net
proceeds of this offering, are subject to numerous possible events,
factors and conditions, many of which are beyond the control of the
Company or of which are unknown to us. These risks include, among
others, general economic conditions, local real estate conditions,
changes in interest rates, increases in operating costs, the
preferences and financial condition of the Company's tenants, the
availability of capital and risks related to the Company's status
as a REIT. Additional information concerning these and other
factors that could cause actual results to differ materially from
these forward-looking statements is contained from time to time in
the Company's SEC filings, including, but not limited to, the
Company's Annual Report on Form 10-K. Copies of each filing may be
obtained from the Company or the SEC. Such forward-looking
statements should be regarded solely as reflections of the
Company's current operating plans and estimates. Actual operating
results may differ materially from what is expressed or forecast in
this press release. National Retail Properties, Inc. undertakes no
obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date these statements were made.
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SOURCE National Retail Properties, Inc.