New Plan Excel (NYSE:NXL)
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New Plan Excel Realty Trust Announces Offering of $100 Million of
Ten-Year Senior Unsecured Notes
NEW YORK, Jan. 10 /PRNewswire-FirstCall/ -- New Plan Excel Realty Trust, Inc.
(NYSE:NXL) today announced that it has priced an issuance of $100 million of
unsecured, 10-year fixed rate notes with a coupon of 5.30 percent. The notes
were priced at 99.930 percent of par value to yield 5.309 percent. The notes
are scheduled to settle on January 13, 2005, are due January 15, 2015, and are
non-amortizing. Net proceeds from the offering will be used to repay a portion
of the borrowings under the Company's $350 million revolving credit facility.
Banc of America Securities LLC and Citigroup Global Markets Inc. served as
joint book-running managers for the transaction. The co-managers were KeyBanc
Capital Markets, UBS Securities LLC and Wachovia Capital Markets, LLC.
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. Copies of the prospectus relating to this
offering, when available, may be obtained from Banc of America Securities LLC,
Prospectus Department, 100 West 33rd Street, 3rd Floor, NY1-509-03-22, New
York, NY 10001 (telephone 646-733-4166).
New Plan Excel Realty Trust, Inc. is one of the nation's largest real estate
companies, focusing on the ownership and management of community and
neighborhood shopping centers. The Company operates as a self-administered and
self-managed REIT, with a national portfolio of 403 properties, including 24
properties held through joint ventures, and total assets of approximately $3.8
billion. Its properties are strategically located across 35 states and include
381 community and neighborhood shopping centers, primarily grocery or
name-brand discount chain anchored, with approximately 55.6 million square feet
of gross leasable area, and 22 related retail real estate assets, with
approximately 1.8 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 and 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; 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 and strategies, actions
and performance of affiliates that the Company may not control; 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 "Business-Risk Factors" in the Company's Annual
Report on Form 10-K for the year ended December 31, 2003, which discuss these
and other factors that could adversely affect the Company's results.
DATASOURCE: New Plan Excel Realty Trust, Inc.
CONTACT: Stacy Lipschitz-Slater, Senior Vice President - Corporate
Communications of New Plan Excel Realty Trust, Inc., +1-212-869-3000 ext.
3359
Web site: http://www.newplanexcel.com/