By Lisa Kerner
Charlotte, N.C., Oct. 9 - Excel Trust, Inc. completed the previously announced $100 million note placement with Prudential Capital Group.
The senior unsecured notes were issued as follows:
• $75 million of 4.4% series A notes due Nov. 12, 2020; and
• $25 million of 5.19% series B notes due Nov. 12, 2023.
Proceeds will be used to repay borrowings under the company's unsecured revolving line of credit and for general corporate purposes.
The notes have a make-whole call at Treasuries plus 50 basis points.
Excel may prepay at any time all, or from time to time any part of, either series of notes in an amount not less than $1 million of the total principal amount of the series at par plus a make-whole amount, according to an 8-K filed with the Securities and Exchange Commission.
The notes are senior unsecured obligations of Excel's operating partnership, Excel Trust, LP, and are fully and unconditionally guaranteed by the Excel.
Excel Trust is a San Diego-based real estate investment trust focused on retail properties.
| Issuer: | Excel Trust, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $100 million
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Settlement: | Nov. 12
|
| Distribution: | Private placement
|
| Purchaser: | Prudential Capital Group
|
|
|
| Series A
|
| Amount: | $75 million
|
| Coupon: | 4.4%
|
| Maturity: | Nov. 12, 2020
|
|
|
| Series B
|
| Amount: | $25 million
|
| Coupon: | 5.19%
|
| Maturity: | Nov. 12, 2023
|
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