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| Kevin B. Habicht |
ORLANDO, FL– National
Retail Properties, Inc. (NYSE: NNN) (the “Company”) reported it has
closed on its previously announced issuance of $350,000,000 of 3.60%
senior unsecured notes due 2026 (“2026 Notes”).
The 2026 Notes
were offered
at 98.897% of the principal amount with a yield to maturity of 3.733%.
In
June 2016, the Company entered into two forward starting swaps with a total
notional amount of $180,000,000 to partially hedge the risk of changes in
interest-related cash outflows associated with this issuance of long-term debt.
On
December 7, 2016, the Company received $13,352,000 in connection with the
termination and settlement of these swaps. These swap proceeds will be
amortized as a reduction to interest expense using the effective interest method
over the next 10 years, thereby reducing the effective yield of the 2026 Notes
to 3.280%.
National
Retail Properties, Inc. invests primarily in high-quality retail properties
subject
generally
to long-term, net leases. As of September 30, 2016, the Company owned 2,485 properties
in 48 states with an aggregate gross leasable area of approximately 26.6
million feet and with a weighted average remaining lease term of 11.5 years.
For a complete copy of the company’s news release,
please contact:
Kevin B. Habicht
Chief Financial Officer
(407) 265-7348
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