Excel Trust further extends tender offer for 4.625% notes due 2024

New York, Sept. 29 – Excel Trust, LP again extended the tender offer and consent solicitation for its $250 million of 4.625% senior notes due 2024.

The new expiration is 11:59 p.m. ET on Oct. 9, pushed back from 11:59 p.m. ET on Sept. 29. It was originally 11:59 ET on Sept. 3.

As of 5 p.m. ET on Sept. 28, the company had received tenders for $249,176,000 principal amount, or 99.67%, of the notes, according to a press release.

The response is unchanged from the previously announced amount as of 5 p.m. ET on Sept. 3 and also unchanged from 5 p.m. ET on Aug. 20, the consent deadline.

As previously reported, enough consents have been received to approve the proposed amendments to the indenture. Consents were needed from the holders of at least a majority of the outstanding notes.

A supplemental indenture has been executed. The amendments, which will eliminate some restrictive covenants and certain events of default contained in the indenture, will become operative once the notes tendered in the offer are purchased.

Holders who tendered by the consent deadline will receive $1,000 per $1,000 principal amount of notes. This amount includes a consent payment of $30 per $1,000 principal amount of notes.

Holders who tender after the consent payment date but before the expiration of the offer will receive $970 per $1,000 principal amount of notes.

The company will also pay accrued interest up to, but not including, the settlement date, which will be promptly after the offer expires.

Holders who tender must also deliver consents to the proposed amendments.

Tenders and consents may no longer be withdrawn since the withdrawal deadline has passed.

The tender offer and consent solicitation began Aug. 6 following the completion of the merger of Excel with entities affiliated with Blackstone Property Partners LP.

Wells Fargo Securities, LLC (866 309-6316) is the dealer manager. D.F. King & Co., Inc. (866 470-4300 or 212 430-3774) is the tender agent and information agent.

Excel is a retail-focused real estate investment trust that primarily targets community shopping centers, power shopping centers and grocery anchored neighborhood centers. It is based in San Diego.

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