Excel Trust Agrees To Be Acquired By Blackstone For About $2 Bln - Quick Facts

(RTTNews) - Excel Trust Inc. (EXL) announced that it reached a definitive agreement with Blackstone Property Partners L.P., under which Blackstone will acquire all outstanding shares of common stock of Excel Trust for $15.85 per share in an all-cash transaction valued at about $2 billion.

The transaction has been unanimously approved by Excel Trust's Board of Directors and represents a premium of nearly 15% over the Company's closing stock price on April 9, 2015.

In addition to the common stock dividend of $0.18 per share payable on April 15, 2015, Excel Trust intends to pay an additional common stock dividend in July 2015, but, under the terms of the agreement, not for any quarter thereafter.

Completion of the transaction, which is currently expected to occur in the second half of 2015, is contingent upon customary closing conditions, including the approval of Excel Trust's stockholders, who will vote on the transaction at a special meeting on a date to be announced. The transaction is not contingent on receipt of financing by Blackstone.

In connection with the closing of the transaction, the parties intend that Excel Trust L.P.'s $75 million of 4.40% Senior Series A Notes due 2020 and its $25 million of 5.19% Senior Series B Notes due 2023 will be repaid. Excel Trust L.P.'s $250 million of 4.625% Senior Notes due 2024 are intended to remain outstanding following the closing.