National Retail Properties Inc. has lined up a $400 million unsecured credit facility from lenders led by Wells Fargo Securities and Banc of America Securities.

The facility replaces a $400 million existing credit that was slated to mature next May. That credit has no borrowings against it.

The new one pays a rate pegged to Libor plus 280 basis points, subject to a 1 percent floor on Libor. It matures in November 2012 and could be extended for an additional year.

The facility includes an accordion feature that allows National Retail to increase it to $500 million.

Wells and BofA were joint lead arrangers. PNC Bank and US Bank were documentation agents. Other participants were BB&T, Citigroup, Royal Bank of Canada, SunTrust Bank, Chevy Chase Bank and Raymond James Bank.

National Retail owns 999 retail properties with 11.4 million square feet. Its properties are generally net leased to their tenants under long-term agreements.

Comments? E-mail Orest Mandzy or call him at (215) 504-2860, Ext. 211.