New Plan Excel Realty Trust
, a real estate investment trust, said Tuesday that it plans to sell $175 million of senior convertible notes due 2026 to qualified institutional buyers.
The New York-based company also expects to grant the initial purchasers an option to purchase up to an additional $25 million of notes to cover overallotments.
The REIT said it expects to use the proceeds from the offering to repurchase up to $50 million of its common stock and to apply the balance for general corporate purposes, including the repayment of indebtedness under its $350 million revolving credit facility.
The company's stock closed up 26 cents, or about 1%, at $26.99 Tuesday.
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