REIT Prices Note Offering

New Plan Excel Realty Trust, New York, has priced an offering of $175 million of 3.7% senior convertible notes due 2026 and announced that it will repurchase $50 million of its common stock.The real estate investment trust said the notes will be convertible into New Plan common stock upon the occurrence of certain events, at an initial conversion price of $32.73 per share. The proceeds of the note sales will be used to repurchase the common stock at a price of $26.83 per share, as well as for general corporate purposes. The offering will be made to qualified institutional investors pursuant to Rule 144A under the U.S. Securities Act of 1933. The initial purchasers have been granted an option to buy up to an additional $25 million of notes to cover any overallotments, New Plan said. The REIT can be found on the Web at http://www.newplanexcel.com.