National Retail’s $700 Million Unsecured Notes Offering

Vinson & Elkins is serving as counsel to the underwriters in connection with the offering.

National Retail Properties, Inc. (NYSE: NNN) announced that it has priced its public offering of $400,000,000 of 2.500% senior unsecured notes due 2030 and $300,000,000 of 3.100% senior unsecured notes due 2050.

The 2030 notes were offered at 99.678% of the principal amount with a yield to maturity of 2.536%. The 2050 notes were offered at 97.978% of the principal amount with a yield to maturity of 3.205%. Interest on the notes will be payable semi-annually on April 15 and October 15 of each year, commencing October 15, 2020. The 2030 notes mature on April 15, 2030. The 2050 notes mature on April 15, 2050. The offering is expected to close on or about March 3, 2020, subject to customary closing conditions.

BofA Securities, Inc., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Jefferies LLC, RBC Capital Markets, LLC, and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers and representatives of the underwriters for the offering. U.S. Bancorp Investments, Inc. is acting as a joint book-running manager for the offering. Morgan Stanley & Co. LLC, TD Securities (USA) LLC, Capital One Securities, Inc. and Raymond James & Associates, Inc. are acting as senior co-managers for the offering.

The Company intends to use the net proceeds from the offering of the notes to redeem all of its outstanding 3.80% notes due 2022, repay all of the outstanding indebtedness under its credit facility and to fund future property acquisitions and for general corporate purposes. This press release does not constitute a notice of redemption under the indenture governing such 3.80% notes due 2022.

The V&E corporate team was led by partners Chris Green (Picture) and David Stone with assistance from senior associate Dylan Coons and associates Erin Torrez and Tyler Johnson. Advising on tax issues were partner Chris Mangin, senior associate Paige Anderson and associate Miron Klimkowski.

Involved fees earner: Paige Anderson – Vinson & Elkins LLP; Dylan Coons – Vinson & Elkins LLP; Christopher Green – Vinson & Elkins LLP; Tyler Johnson – Vinson & Elkins LLP; Miron Klimkowski – Vinson & Elkins LLP; Christopher Mangin Jr. – Vinson & Elkins LLP; David Stone – Vinson & Elkins LLP; Erin Walsh – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: Bank of America Securities; Capital One Securities; Citigroup Global Markets Ltd; Jefferies; Morgan Stanley; Raymond James & Associates, Inc.; RBC Capital Markets; SunTrust Robinson Humphrey, Inc.; TD Securities; Wells Fargo Securities;

Author: Ambrogio Visconti