New Plan Excel Realty Trust Announces Offering of $175 Million of Senior Unsecured Convertible Notes and Expected Repurchase of
September 12 2006 - 5:06PM
PR Newswire (US)
NEW YORK, Sept. 12 /PRNewswire-FirstCall/ -- New Plan Excel Realty
Trust, Inc. (NYSE:NXL) today announced its intention to make an
offering, subject to market and other conditions, of $175 million
aggregate principal amount of senior convertible notes due 2026 to
qualified institutional buyers in accordance with Rule 144A under
the Securities Act of 1933, as amended. New Plan also expects to
grant the initial purchasers an option to purchase up to an
additional $25 million aggregate principal amount of notes to cover
overallotments. The notes will be convertible into cash up to their
principal amount and, with respect to the remainder, if any, of the
conversion value in excess of such principal amount, cash or shares
of New Plan's common stock. New Plan expects to use the net
proceeds from the offering to repurchase concurrently with the
offering up to $50 million of its common stock and to apply the
balance for general corporate purposes, including the repayment of
indebtedness under its $350 million revolving credit facility. The
notes will be sold to qualified institutional buyers by means of a
private offering memorandum in accordance with Rule 144A under the
Securities Act of 1933, as amended. The notes and the New Plan
common stock that may be issuable upon conversion of the notes have
not been registered under the Securities Act of 1933, as amended,
or any state securities laws, and unless so registered, may not be
offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Securities Act
of 1933, as amended, and applicable state laws. This communication
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities 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 any such state or other jurisdiction. New
Plan is one of the nation's largest real estate companies, focusing
on the ownership, management and development of community and
neighborhood shopping centers. The Company operates as a
self-administered and self- managed REIT, with a national portfolio
of 480 properties, including 175 properties held through joint
ventures, and total assets of approximately $3.4 billion. The
properties are strategically located across 39 states and include
463 community and neighborhood shopping centers, primarily grocery
or name-brand discount chain anchored, with approximately 67.9
million square feet of gross leasable area, and 17 related retail
real estate assets, with approximately 1.1 million square feet of
gross leasable area. For additional information, please visit
http://www.newplan.com/. Certain statements in this release that
are not historical fact may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results of the Company to differ materially from historical results
or from any results expressed or implied by such forward-looking
statements, including without limitation: national or local
economic, business, real estate and other market conditions; the
competitive environment in which the Company operates; financing
risks; possible future downgrades in our credit ratings; property
ownership / management risks; the level and volatility of interest
rates and changes in capitalization rates with respect to the
acquisition and disposition of properties; financial stability of
tenants; the Company's ability to maintain its status as a REIT for
federal income tax purposes; acquisition, disposition, development
and joint venture risks, including risks that developments and
redevelopments are not completed on time or on budget; governmental
approvals, actions and initiatives; potential environmental and
other liabilities; and other factors affecting the real estate
industry generally. The Company refers you to the documents filed
by the Company from time to time with the Securities and Exchange
Commission, specifically the section titled "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December
31, 2005, which discuss these and other factors that could
adversely affect the Company's results. DATASOURCE: New Plan Excel
Realty Trust, Inc. CONTACT: Stacy Slater, Senior Vice President -
Corporate Communications of New Plan Excel Realty Trust, Inc.,
+1-212-869-3000, Web site: http://www.newplan.com/
Copyright
New Plan Excel (NYSE:NXL)
Historical Stock Chart
From May 2024 to Jun 2024
New Plan Excel (NYSE:NXL)
Historical Stock Chart
From Jun 2023 to Jun 2024