Excel Trust plans $50 million at-the-market sale of its common shares

Deal's proceeds to be used to pay off debt and fund corporate purposes

By Devika Patel

Knoxville, Tenn., March 9 - Excel Trust, Inc. negotiated a $50 million at-the-market equity sales agreement with a group of agents on March 9, according to a prospectus supplement and 8-K filed Friday with the Securities and Exchange Commission.

The agent group consists of Cantor Fitzgerald & Co., Barclays Capital Inc., Bank of America Merrill Lynch and Wells Fargo Securities, LLC.

The company plans to contribute the proceeds to its operating partnership, which will then use the proceeds to repay debt under a revolving credit facility, for future acquisitions and for other general corporate and working capital purposes.

Excel Trust is a San Diego-based real estate investment trust focused on retail properties.

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