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National Retail Properties closes depositary share offering

National Retail Properties Inc. completed its public offering of 13.8 million depositary shares for estimated net proceeds of roughly $334.3 million.

Each depositary share in the offering, which was priced at $25.00 per share, represents a 0.01 interest in the company's 5.20% series F cumulative redeemable preferred stock. National Retail Properties noted that the underwriters fully exercised their overallotment option to acquire 1.8 million additional depositary shares.

The net proceeds will go toward the repayment of all outstanding debt under the company's credit facility, while any remaining proceeds will be used to fund future property purchases and for general corporate purposes.

Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint book-running managers.

Citigroup Global Markets Inc., Raymond James & Associates Inc., RBC Capital Markets LLC and Stifel Nicolaus & Co. Inc. were the senior co-managers for the offering, while BB&T Capital Markets, a division of BB&T Securities LLC; Capital One Securities Inc.; PNC Capital Markets LLC and U.S. Bancorp Investments Inc. were the co-managers.