ORLANDO, Fla., Oct. 25, 2017 /PRNewswire/ — National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced the amendment of its unsecured bank credit facility. The amendment increases the available borrowing capacity under the credit facility from $650 million to $900 million and reduces pricing from LIBOR plus 92.5 basis points to LIBOR plus 87.5 basis points. The amended facility matures January 2022, with options to extend maturity to January 2023. The amended facility also includes an accordion feature to increase the facility size to up to $1.6 billion.
Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated were joint lead arrangers and joint book-runners of this credit facility with Wells Fargo Bank, National Association as the Administrative Agent and Bank of America, N.A. as the Syndication Agent. Documentation Agents were PNC Bank, National Association, Royal Bank of Canada and U.S. Bank, National Association. Other bank participants include Branch Banking & Trust Company, SunTrust Bank, Citibank, N.A., Morgan Stanley Bank, N.A., TD Bank, N.A., Capital One, N.A., and Raymond James Bank, N.A.
“We greatly appreciate the continuing support of our bank group and the confidence they have in our business,” said Kevin B. Habicht, Executive Vice President and CFO. “This expanded facility gives us significant financial flexibility and enhances our ability to take advantage of acquisition opportunities which helps us perpetuate NNN’s track record of 28 consecutive increases in our annual dividend.”
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2017, the company owned 2,675 Investment properties in 48 states with a gross leasable area of approximately 28.1 million square feet with a weighted average remaining lease term of 11.5 years. For more information on the company, visit www.nnnreit.com.