Nov. 4, 2009 (PR Newswire) --
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 www.nnnreit.com.
SOURCE National Retail Properties, Inc.
