ORLANDO,
Fla., May 21, 2024 /PRNewswire/ -- NNN REIT,
Inc. (NYSE: NNN) (the "Company"), a real estate investment trust,
today announced that it has priced its public offering of
$500,000,00 of 5.500% senior
unsecured notes due 2034 (the "notes"). The notes were
offered at 5.662% of the principal amount with a yield to maturity
of 98.768%. Interest on the notes will be payable semi-annually on
June 15 and December 15 of each year, commencing on
December 15, 2024. The notes mature
on June 15, 2034. The offering is
expected to close on or about May 29,
2024, subject to customary closing conditions. BofA
Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets
LLC, TD Securities (USA) LLC,
Truist Securities, Inc., RBC Capital Markets, LLC and U.S.
Bancorp Investments, Inc. are acting as joint book-running
managers, Mizuho Securities USA
LLC, Bank Ltd., Morgan Stanley & Co. LLC and Sumitomo SMBC
Nikko Securities America, Inc. are acting as senior
co-managers, and Raymond James &
Associates, Inc. and Stifel, Nicolaus & Company, Incorporated
are acting as co-managers for the offering. The Company intends to
use the net proceeds from the offering of the notes to repay all of
the outstanding indebtedness under its credit facility, to fund
future property acquisitions and for general corporate purposes,
including potentially for the repayment of other debt or the
repurchase, redemption, or retirement of outstanding debt
securities, including some or all of its 3.900% Notes due
June 15, 2024, or a combination of
the foregoing.
The offering is being made only by means of a prospectus
supplement and accompanying prospectus, which are part of an
effective shelf registration statement the Company filed with the
Securities and Exchange Commission ("SEC"). You may obtain copies
of these documents for free by visiting EDGAR on the SEC's website
at www.sec.gov. Alternatively, copies of these documents, when
available, may be obtained by contacting BofA Securities, Inc., by
telephone: 1-800-294-1322 or by email at
dg.prospectus_requests@bofa.com; Wells Fargo Securities, LLC, by
email wfscustomerservice@wellsfargo.com or by calling toll-free at
1-800-645-3751; PNC Capital Markets LLC, by email at
pnccmprospectus@pnc.com or by calling toll-free 855-881-0697; TD
Securities (USA) LLC, by calling
toll-free at 1-855-495-9846; or Truist Securities, Inc., by calling
toll-free at 1-800-685-4786. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of any such state or jurisdiction.
NNN REIT invests primarily in high-quality retail properties
subject generally to long-term, net leases. As of March 31, 2024, the Company owned 3,546
properties in 49 states with a gross leasable area of approximately
36.1 million square feet and a weighted average remaining lease
term of 10.0 years.
Statements in this press release that are not strictly
historical are "forward-looking" statements. These statements
generally are characterized by the use of terms such as "believe,"
"expect," "in position," "intend," "may," "estimated," or other
similar words or expressions. Forward-looking statements involve
known and unknown risks, which may cause the Company's actual
future results to differ materially from expected results. For
example, the fact that this offering has priced may imply that this
offering will close, but the closing is subject to conditions
customary in transactions of this type and may be delayed or may
not occur at all. No assurance can be given that the offering
discussed above will be completed on the terms described or at all
or that the net proceeds of this offering will be used as
described. Completion of this offering on the terms described, and
the application of the net proceeds of this offering, are subject
to numerous possible events, factors and conditions, many of which
are beyond the control of the Company or are unknown to it. Other
risks include, among others, general economic conditions, including
inflation, local real estate conditions, changes in interest rates,
increases in operating costs, the preferences and financial
condition of the Company's tenants, the availability of capital,
risks related to the Company's status as a real estate investment
trust, and the potential impacts of an epidemic or pandemic on the
Company's business operations, financial results, and financial
position on the world economy. Additional information concerning
these and other factors that could cause actual results to differ
materially from these forward-looking statements is contained from
time to time in the Company's SEC filings, including, but not
limited to, the Company's (i) Annual Report on Form 10-K for the
year ended December 31, 2023 and (ii)
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. Copies of each filing may be
obtained from the Company or SEC. Such forward-looking statements
should be regarded solely as reflections of the Company's current
operating plans and estimates. Actual results may differ materially
from what is expressed or forecast in this press release. NNN REIT,
Inc. undertakes no obligation to publicly release the results of
any revisions to these forward-looking statements that may be made
to reflect events or circumstances after the date these statements
were made.
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SOURCE NNN REIT, Inc.