|By Marketwired .||
|May 7, 2014 06:45 PM EDT||
SAN DIEGO, CA -- (Marketwired) -- 05/07/14 -- Excel Trust, Inc. (NYSE: EXL) today announced that its operating partnership, Excel Trust, L.P., priced an underwritten public offering of $250 million aggregate principal amount of 4.625% Senior Unsecured Notes due 2024 (the "Notes"). The Notes were priced at 99.477% of the principal amount to yield 4.691% to maturity. The Notes will be senior unsecured obligations of the operating partnership and will be fully and unconditionally guaranteed by Excel Trust, Inc. The offering is expected to close on May 12, 2014, subject to customary closing conditions.
The operating partnership intends to use the net proceeds from the offering to repay existing indebtedness, including the mortgage payable on its Gilroy Crossing property and a portion of the outstanding indebtedness under its unsecured revolving credit facility, and for general corporate and working capital purposes.
Barclays Capital Inc., Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc. and U.S. Bancorp Investments, Inc. acted as joint book-running managers for the offering.
The registration statement relating to these securities has become effective by rule of the Securities and Exchange Commission (the "SEC"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall there be any sale of such securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. The offering will be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, by calling toll-free at 1-888-603-5847 or by emailing [email protected]; Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Capital Markets Client Support, by calling toll-free at 1-800-326-5897 or emailing [email protected]; KeyBanc Capital Markets Inc., 127 Public Square, 4th Floor, Cleveland, Ohio 44114 or by calling toll-free at 1-866-227-6479; or U.S. Bancorp Investments, Inc., 214 N. Tryon St., 26th Floor, Charlotte, NC 28202 or by calling toll-free at 1-877-558-2607.
About Excel Trust
Excel Trust, Inc. is a retail focused real estate investment trust ("REIT") that primarily targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company has elected to be treated as a REIT, for U.S. federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol "EXL". For more information on Excel Trust, Inc., please visit www.exceltrust.com.
Forward Looking Statements
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the SEC in its rules, regulations and releases. These statements include, but are not limited to, discussions related to the Company's expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. For a list and description of risks and uncertainties that could cause actual results to differ materially from expectations, see the reports filed by the Company with the SEC, including the Company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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