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EXHIBIT 99.1
NEWS
EXCEL LEGACY CORPORATION AND PRICE ENTERPRISES, INC.
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FOR IMMEDIATE RELEASE: SEPTEMBER 18, 2001 (XLG)(PREN)
CONTACT: GRAHAM R. BULLICK, PH.D., PRESIDENT, PRICE LEGACY CORPORATION
17140 BERNARDO CENTER DRIVE, SUITE 300, SAN DIEGO, CA 92128
(858) 675-9400
EXCEL LEGACY CORPORATION AND PRICE ENTERPRISES, INC. ANNOUNCE
CLOSING OF MERGER AND $100 MILLION INVESTMENT BY WARBURG PINCUS
AND RESULTS OF EXCHANGE OFFER AND TENDER OFFER
SAN DIEGO, CA. (September 18, 2001) - Price Legacy Corporation (Amex: XLG)
announced today it has completed the merger between Excel Legacy Corporation
(Amex: XLG) and Price Enterprises, Inc. (Nasdaq: PREN) effective today. The
merger was approved by the stockholders of both companies September 11, 2001 but
due to the tragic events last week the merger was delayed until after financial
markets were reopened. Announced concurrently with the closing of the merger was
the successful completion of a $100 million investment by Warburg Pincus in the
resultant company of the merger, Price Legacy Corporation.
Commenting on the completion of the merger and investment by Warburg Pincus,
Gary B. Sabin, Chief Executive Officer of Price Legacy said, "As previously
stated, we believe the merger transaction and investment from Warburg Pincus
focuses and streamlines our activities and gives Price Legacy a strong financial
foundation from which it can continue to grow and operate. We are delighted to
effect this merger and welcome Warburg Pincus as a partner to our stockholder
base."
Beginning on Wednesday, September 19, 2001, Price Legacy's common stock will be
traded on the AMEX under the symbol "XLG." Price Legacy's Series A preferred
stock will continue to trade on the Nasdaq National Market under the symbol
"PRENP."
Price Legacy also announced today the results of its exchange offer for Legacy's
9% Convertible Redeemable Subordinated Secured Debentures due 2004 and 10%
Senior Redeemable Secured Notes due 2004 and related consent solicitation and
its tender offer for shares of Price Enterprises' common stock. Both the
exchange offer and the tender offer expired on September 18, 2001.
Based on the count provided by Mellon Investor Services LLC, the exchange agent
for the exchange offer, Price Legacy accepted for exchange approximately $30.4
million in Legacy debentures and $15.8 million in Legacy notes. Price Legacy
also announced that it obtained the requisite consent under the consent
solicitation to release the collateral securing the Legacy debentures and Legacy
notes.
As previously disclosed in the exchange offer, Price Legacy's Series A preferred
stock issued in connection with the exchange offer will begin accruing dividends
from August 16, 2001. Due to the partial dividends, the Series A preferred stock
issued in the exchange offer will be traded on the Nasdaq National Market under
the symbol "PRENO" until the close of the current dividend period, and will then
be traded with the currently existing Price Legacy Series A preferred stock
under the symbol "PRENP." Following the exchange of Legacy debentures and Legacy
notes, Price Legacy will have approximately 27.3 million shares of Series A
preferred stock outstanding.
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Based on the count provided by Mellon Investor Services, the depositary for the
tender offer, Price Legacy accepted for purchase approximately 762,000 shares of
Price Enterprises' common stock. Following the merger and the purchase of shares
through the tender offer, Price Legacy will have approximately 40.8 million
shares of common stock outstanding. Payment for the debentures, notes and common
stock accepted in the exchange offer and the tender offer and the return of
securities not accepted will be made promptly by Mellon Investor Services.
PRICE LEGACY CORPORATION is a national real estate firm, a REIT, which acquires,
operates and develops open-air retail properties. For more information, please
visit our website at WWW.PRICELEGACY.COM.
EXCEL LEGACY CORPORATION, a wholly-owned subsidiary of Price Legacy, is a real
estate company which acquires, sells, develops, manages, invests, finances and
operates real property and related businesses.
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Certain statements in this release that are not historical fact may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results of Price Legacy and Legacy to differ materially from historical results
or from any results expressed or implied by such forward-looking statements,
including without limitation: national and local economic conditions; the
competitive environment in which the companies operate; financing risks;
property management risks; acquisition and development risks; potential
environmental and other liabilities; and other factors affecting the real estate
industry generally. The companies refer you to the documents they file from time
to time with the Securities and Exchange Commission, specifically the section
titled "Factors That May Affect Future Performance" in Price Enterprises' Annual
Report on Form 10-K/A for the fiscal year ended December 31, 2000 and the
section titled "Certain Cautionary Statements" in Legacy's Annual Report on Form
10-K/A for the fiscal year ended December 31, 2000, which discuss these and
other factors that could adversely affect the companies' results. Please be
advised that the safe harbor protections of the Private Securities Litigation
Reform Act of 1995 are not available to statements made in connection with the
tender offer.