Excel opens tender offer, solicits consent for 4.625% notes due 2024

By Wendy Van Sickle

Columbus, Ohio, Aug. 6 – Excel Trust, LP began a cash tender offer for any and all of its $250 million outstanding 4.625% senior notes due 2024 and a solicitation of consent for amendments to the notes’ indenture, according to a press release.

Holders who tender their notes and deliver their consents by 5 p.m. ET on Aug. 20, the consent payment deadline, will receive the total consideration of $1,000 per $1,000 principal amount of notes. This amount includes a consent payment of $30 per $1,000 of notes.

Holders who tender after the consent payment date but by the expiration of the offer, 11:59 ET on Sept. 3, will receive $970 per $1,000 principal amount.

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

Under the consent solicitation, Excel is seeking written consent to amendments that would eliminate certain restrictive covenants and certain events of default contained in the indenture. Adoption of the proposed amendments requires the consent of holders of at least a majority of the outstanding notes.

Any holder who tenders notes under the offer must also deliver a consent to the proposed amendments. A holder may not revoke a consent without withdrawing the previously tendered notes.

Notes tendered may only be withdrawn and related consents revoked by 5 p.m. ET on Aug. 20, unless required by applicable law.

Wells Fargo Securities, LL (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.

The tender offer and consent solicitation follow the completion of the merger of Excel with entities affiliated with Blackstone Property Partners LP.

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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