NNN REIT Announces Pricing of $500 Million Senior Unsecured Notes Offering

NNN REIT, a real estate investment trust, has priced its public offering of $500 million of 4.600% senior unsecured notes due 2031. The offering, led by a syndicate of top investment banks, is expected to close on July 1, 2025, subject to customary closing conditions. The notes will be used to repay outstanding indebtedness under NNN's credit facility, fund future property acquisitions, and support general corporate purposes.

Key Takeaways:

• NNN REIT priced a $500 million senior unsecured notes offering with a yield to maturity of 4.766%.
• The notes were offered at 99.182% of the principal amount with interest payable semi-annually on February 15 and August 15 of each year.
• The offering is being managed by a syndicate of top investment banks, including BofA Securities, Wells Fargo Securities, and PNC Capital Markets.
• NNN REIT intends to use the net proceeds to repay outstanding credit facility debt, fund future acquisitions, and support general corporate purposes.
• The notes mature on February 15, 2031, with interest payments starting on February 15, 2026.

Statistics:

• $500,000,000: The amount of senior unsecured notes offered by NNN REIT.
• 4.600%: The coupon rate on the notes.
• 4.766%: The yield to maturity on the notes.
• 99.182%: The offering price of the notes as a percentage of the principal amount.
• 8 years: The term of the notes, which mature on February 15, 2031.
• $500,000,000: The amount of credit facility debt to be repaid using the net proceeds.
• 2/15/Aug 15: The semi-annual interest payment dates for the notes.

Sources:

• NNN REIT, Inc. press release, June 24, 2025.
• Securities and Exchange Commission (SEC) EDGAR database.
• BofA Securities, Inc. website.
• Wells Fargo Securities, LLC website.
• PNC Capital Markets LLC website.