National RetailProperties Inc. priced a public offering of 12.0 million depositary shares at $25.00apiece.

Each depositary share in the offering represents a 0.01interest in a share of the company's 5.20% series F cumulative redeemablepreferred stock.

The offering, set to close on or about Oct. 11, also carriesa 30-day overallotment option for the underwriters to buy 1.8 millionadditional depositary shares.

The net proceeds will be used to fully repay the outstandingdebt under the company's credit facility, with any remaining funds going towardfuture property acquisitions and for general corporate purposes.

National Retail will seek to list the depositary shares onthe NYSE under the NNNPRF ticker, with trading expected to begin within 30 daysafter the initial delivery of the depositary shares, if approved.

Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley& Co. LLC and Wells Fargo Securities LLC were the joint book-runningmanagers, while Citigroup Global Markets Inc., Raymond James & AssociatesInc., RBC Capital Markets LLC and Stifel Nicolaus & Co. Inc. were thesenior co-managers.

BB&T Capital Markets, a division of BB&T SecuritiesLLC; Capital One Securities Inc.; PNC Capital Markets LLC and U.S. BancorpInvestments Inc. were the co-managers.