Excel Trust Announces Pricing of Series B Cumulative Redeemable Preferred Stock at $25/Share
Excel Trust, Inc. (NYSE: EXL) today announced the pricing of an underwritten public offering of 3,200,000 shares of its 8.125% Series B Cumulative Redeemable Preferred Stock with a liquidation preference of $25.00 per share. Dividends for the Series B Cumulative Redeemable Preferred Stock will be cumulative and payable quarterly in arrears on or about the 15th day of January, April, July and October of each year, commencing on or about April 15th 2012 at the rate of 8.125% per annum of its liquidation preference, which is equivalent to $2.03125 per annum per share. The offering is expected to close on January 31, 2012, subject to customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional 480,000 shares of the Series B Cumulative Redeemable Preferred Stock to cover overallotments, if any.
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