National Retail Properties, Inc. Announces New $400 Million Unsecured Credit Facility
November 04 2009 - 8:30AM
PR Newswire (US)
ORLANDO, Fla., Nov. 4 /PRNewswire-FirstCall/ -- National Retail
Properties, Inc. (NYSE:NNN), a real estate investment trust, today
announced the closing of a new $400 million credit facility,
replacing its existing $400 million credit facility which was set
to mature in May 2010. The new facility matures November 2012, with
an option to extend maturity to November 2013. The facility is
priced at LIBOR plus 280 basis points with a 1.0% LIBOR floor. The
new facility also includes an accordion feature to increase the
facility size to $500 million. National Retail Properties has no
outstanding borrowings under its existing credit facility. Wells
Fargo Securities and Banc of America Securities LLC were joint lead
arrangers of this credit facility. Documentation agents were PNC
Bank, National Association and U.S. Bank, National Association.
Other bank participants include BB&T, Citicorp, Royal Bank of
Canada, SunTrust Bank, Chevy Chase Bank, a Capital One Company, and
Raymond James Bank. "We greatly appreciate the strong support of
our bank group and the confidence they have in our business," said
Kevin B. Habicht, Executive Vice President and CFO. "This facility
gives us significant financial flexibility and enhances our ability
to take advantage of acquisition opportunities." National Retail
Properties invests primarily in high-quality retail properties
subject generally to long-term, net leases. As of June 30, 2009,
the company owned 999 Investment properties in 44 states with a
gross leasable area of approximately 11.4 million square feet. For
more information on the company, visit http://www.nnnreit.com/.
DATASOURCE: National Retail Properties, Inc. CONTACT: Kevin B.
Habicht, Chief Financial Officer, +1-407-265-7348 Web Site:
http://www.nnnreit.com/
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