ORLANDO, Fla., Oct. 11, 2016 /PRNewswire/ -- National
Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced
that it has closed an underwritten public offering of 13,800,000
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, which reflects the full exercise of the
underwriters' option to purchase 1,800,000 additional depositary
shares. The Company estimates that the net proceeds from the
offering will be approximately $334.3
million, after deducting the underwriting discount and
estimated offering expenses. 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.
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.
This offering was made pursuant to an effective shelf
registration statement and prospectus and related prospectus
supplement filed with the Securities and Exchange Commission (the
"SEC"). 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 and related 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. 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.