Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Nos. 333-189517 and 333-189517-01
May 7, 2014
PRICING TERM SHEET
Excel Trust, L.P.
$250,000,000 4.625% Senior Notes due 2024
fully and unconditionally guaranteed by
Excel Trust, Inc.
Issuer: | Excel Trust, L.P. | |
Guarantor: | Excel Trust, Inc. | |
Security: | 4.625% Senior Notes due 2024 | |
Ratings (Moody’s / S&P / Fitch): | Baa3 / BBB- / BBB- * | |
Principal Amount: | $250,000,000 | |
Security Type: | Senior Unsecured Fixed Rate Notes | |
Legal Format: | SEC Registered | |
Pricing Date: | May 7, 2014 | |
Settlement Date: | May 12, 2014 (T+3) | |
Maturity Date: | May 15, 2024 | |
Public Offer Price: | 99.477% of principal amount | |
Coupon: | 4.625% | |
Benchmark Treasury: | 2.750% due February 15, 2024 | |
Spread to Benchmark Treasury: | 210 basis points (2.100%) | |
Benchmark TreasuryPrice / Yield: | 101-11+ / 2.591% | |
Yield to Maturity: | 4.691% | |
Interest Payment Dates: | Semi-annually on May 15 and November 15, commencing on November 15, 2014 | |
Redemption Provisions: | Par Call: After February 15, 2024 at 100% Make-Whole Call: On or prior to February 15, 2024 at the Adjusted Treasury Rate +35 basis points | |
Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | |
CUSIP / ISIN: | 30068DAA5 / US30068DAA54 | |
Joint Book-Running Managers: | Barclays Capital Inc. | |
Wells Fargo Securities, LLC KeyBanc Capital Markets Inc. U.S. Bancorp Investments, Inc. | ||
Co-Managers: | Jefferies LLC Cantor Fitzgerald & Co. Mitsubishi UFJ Securities (USA), Inc. Raymond James & Associates, Inc. Sandler O’Neill & Partners, L.P. Stifel, Nicolaus & Company, Incorporated |
| Pro Forma Ratios ofEarnings toFixed Charges: | After giving effect to this offering and the application of the net proceeds as described in “Use of Proceeds” in the preliminary prospectus supplement, the ratio of earnings to fixed charges on a pro forma basis would have been 1.13 for the three months ended March 31, 2014 and 1.08 for the year ended December 31, 2013. |
| * | Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
The issuer has filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement for this offering, the issuer’s prospectus in that registration statement, and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by searching the SEC online database (EDGAR) on the SEC website atwww.sec.gov. Alternatively, you may obtain a copy of the prospectus from Barclays Capital Inc. by calling 1-888-603-5847, and Wells Fargo Securities, LLC by calling 1-800-326-5897.
