New Plan Excel Realty Trust

(NXL)

, 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.

This story was created through a joint venture between TheStreet.com and IRIS.