National Retail Properties Inc. priced an offering of 7.0 million common shares at $56.50 apiece.
The public offering, set to close Sept. 9, comes with a 30-day option for the underwriters to buy up to 1,050,000 additional shares.
The single-tenant net-lease real estate investment trust aims to use net proceeds mainly to fully redeem its 11.5 million outstanding depositary shares, each representing a 0.01 interest in a share of it 5.700% series E cumulative redeemable preferred stock and the series E cumulative redeemable preferred stock underlying the depositary shares.
BofA Merrill Lynch, Wells Fargo Securities and Morgan Stanley were the joint book-running managers and representatives of the underwriters. Citigroup, Jefferies, RBC Capital Markets, Raymond James and Stifel also served as joint book-running managers.
BB&T Capital Markets, BTIG LLC, Capital One Securities, SunTrust Robinson Humphrey and TD Securities were senior co-managers, while B. Riley FBR, Baird, Janney Montgomery Scott and Ladenburg Thalmann were co-managers.
