By Stephanie N. Rotondo
Portland, Ore., Jan. 20 - Excel Trust Inc., a San Diego-based real estate investment trust, priced an $80 million issue of 8.125% series B cumulative redeemable perpetual preferred stock on Friday, according to an FWP filed with the Securities and Exchange Commission.
The deal came in line with price talk and was upsized from $50 million.
Liquidation preference is $25.00 per preferred, which was also the public offering price. Underwriters purchased the preferreds at a discounted price of $24.2125.
A total of 3.2 million preferreds will be issued.
There is a $12 million over-allotment option.
Dividends will be payable quarterly in arrears on the 15th day of January, April, July and October.
The company can redeem the preferreds on or after Jan. 31, 2017 at par plus accrued dividends. The preferreds can also be redeemed in the event of a change of control or in instances relating to the company's status as a REIT.
In the event of a change of control and/or a delisting of the company's common stock, holders of the preferreds will have the option to convert the preferreds into common shares.
Settlement is expected Jan. 31.
Wells Fargo Securities LLC, Raymond James & Associates Inc. and UBS Securities LLC are the bookrunners. PNC Capital Markets LLC is the co-manager.
Proceeds will be contributed to the operating partnership, which will in turn use the funds to repay debt under a revolving credit facility, for future acquisitions and other general corporate and working capital purposes.
Excel will apply to list the new preferreds on the New York Stock Exchange under the ticker symbol "EXLPB."
| Issuer: | Excel Trust Inc.
|
| Securities: | Series B cumulative redeemable preferred stock
|
| Amount: | $80 million, or 3.2 million preferreds
|
| Greenshoe: | $12 million, or 480,000 preferreds
|
| Maturity: | Perpetual
|
| Dividend: | 8.125%, payable quarterly
|
| Price: | $25
|
| Call options: | On or after Jan. 31, 2017 or in the event of a change of control
|
| Bookrunners: | Wells Fargo Securities LLC, Raymond James & Associates Inc. and UBS Securities LLC
|
| Co-manager: | PNC Capital Markets LLC
|
| Pricing date: | Jan. 20
|
| Settlement date: | Jan. 31
|
| Expected listing: | NYSE: EXLPB
|
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