Excel Trust -4.6% after secondary


Excel Trust (EXL -4.6%) sold 11M shares at $13.25 each, with underwriters holding an option to buy another 1.65M shares at that price. Net proceeds should be around $139.6M, or $160.6M should the underwriters exercise their greenshoe. The float prior to the sale was 48.46M shares.

At least part of the proceeds will be used to help fund acquisitions recently put under contract.

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