SAN DIEGO--(BUSINESS WIRE)--Excel Trust, Inc. (the “Company”) (NYSE: EXL) today announced the completion of its previously announced public offering of 12.5 million shares of its common stock. The Company also completed the sale of 1.875 million additional shares of its common stock at the public offering price of $10.94 per share pursuant to the full exercise of the over-allotment option granted to the underwriters of the public offering. After the underwriting discount and estimated offering expenses payable by the Company, the Company received net proceeds of approximately $150.2 million.
The Company intends to use the net proceeds from the offering to fund a portion of the purchase price of The Promenade, to repay the outstanding indebtedness under its unsecured revolving credit facility, for future acquisitions and for other general corporate and working capital purposes.
Morgan Stanley, Barclays Capital, KeyBanc Capital Markets and Wells Fargo Securities were joint book-running managers for the offering. The co-managers of the offering were UBS Investment Bank, Raymond James, Stifel Nicolaus Weisel, PNC Capital Markets LLC, and Sandler O’Neill + Partners, L.P.
A copy of the final prospectus related to the offering was filed with the Securities and Exchange Commission and can be obtained by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014, or by e-mail at prospectus@morganstanley.com; or Barclays Capital, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone (888) 603-5847 or e-mail a request to barclaysprospectus@broadridge.com; or KeyBanc Capital Markets Inc., Attention: Equity Syndicate Department, 127 Public Square, 4th Floor, Cleveland, OH 44114 or by telephone at (800) 859-1783; or Wells Fargo Securities, 375 Park Avenue, New York, New York 10152, Attn: Equity Syndicate Department or by calling toll-free 1-800-326-5897 or e-mailing cmclientsupport@wellsfargo.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered shares, nor shall there be any sale of such shares 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 is being made solely by means of a prospectus.
About Excel Trust
Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company intends to elect 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, 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 Securities and Exchange Commission 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 Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K. 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.