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National Retail Properties closes $350M senior notes offering

National Retail Properties Inc. announced Dec. 15 that it closed on its issuance of $350 million 3.60% senior unsecured notes due 2026.

Earlier in June, National Retail entered into two forward starting swaps with a total amount of $180 million, with the aim of partially hedging its risk in interest-related outflows related with the note issuance.

The company received $13.4 million from the termination and settlement of the swaps, with proceeds to be amortized as a reduction to interest expense over the next 10 years, reducing the effective interest yield of the notes to 3.280%.

National Retail said it will use the net proceeds from the issuance to repay all the outstanding debt under its credit facility, fund future property purchases and for general corporate purposes.