NNN REIT Raises $500 Via Debt Offering

Real estate investment trust NNN REIT Inc NNN has priced its public offering of $500 million of 5.600% senior unsecured notes due 2033.

The notes were offered at 97.676% of the principal amount with a yield to maturity of 5.905%.

Interest on the notes will be payable semi-annually on April 15 and October 15 of each year, commencing on April 15, 2024. 

The notes mature on October 15, 2033. The offering is expected to close on or about August 15, 2023.

The company intends to use the net proceeds from the offering to repay all of the outstanding indebtedness under its credit facility, to fund future property acquisitions and for general corporate purposes.

Price Action: NNN shares closed lower by 1.43% at $39.00 on Tuesday.