By Lisa Kerner
Charlotte, N.C., Oct. 9 - Excel Trust, Inc. agreed to issue $100 million of unsecured notes to Prudential Capital Group.
The company expects that $75 million of the notes will mature in 2020 and that the remaining $25 million will mature in 2023, for a weighted average maturity of 7.8 years.
The notes will have a weighted average fixed interest rate of 4.6%, according to an Excel Trust news release.
Proceeds will be used to repay borrowings under the company's unsecured revolving line of credit and for general corporate purposes.
"One of our corporate objectives has been to issue long-term unsecured debt. We carefully evaluated both public and private debt markets and determined that in the current environment, private issuance would yield the most attractive long-term rates while affording us the opportunity to stagger maturities," chief financial officer and treasurer Jim Nakagawa said in the release.
Excel Trust is a San Diego-based real estate investment trust focused on retail properties.
| Issuer: | Excel Trust, Inc.
|
| Issue: | Unsecured notes
|
| Amount: | $100 million
|
| Coupon: | Average fixed rate of 4.6%
|
| Maturity: | 2020 for $75 million and 2023 for $25 million
|
| Distribution: | Private placement
|
| Purchaser: | Prudential Capital Group
|
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