By Ronda Fears
Nashville, May 14 - New Plan Excel Realty Trust Inc. sold $100 million of 20-year convertible senior notes in the overnight market after Tuesday's close at par to yield 3.75% coupon with a 20.89% initial conversion premium. The registered deal was sold via lead manager Banc of America Securities.
The deal sold at the cheap end of yield guidance for a 3.5% to 3.75% coupon.
The company, a New York-based shopping center REIT, said proceeds would be used to repay a portion of outstanding borrowings under its $350 million revolving credit facility.
Terms of the deal are:
Issuer: New Plan Excel Realty Trust Inc.
| Issue: | Convertible senior notes
|
| Lead manager: | | Banc of America Securities
|
| Amount | $100 million
|
| Greenshoe: | $15 million
|
| Maturity: | June 1, 2023
|
| Coupon: | 3.75%
|
| Price: | Par
|
| Yield: | 3.75%
|
| Conversion premium: | 20.89%
|
| Conversion price: | $25
|
| Conversion ratio: | 40.00
|
| Call: | June 9, 2008 onwards
|
| Put: | In years 7, 10 and 15
|
| Contingent conversion: | 120%
|
| Expected ratings: | Moody's: Baa2
|
| S&P: BBB
|
| Settlement: | May 20
|
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