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Price Extends Merger-Related Exchange Offer

SAN DIEGO-Due to the closure of the financial markets and concurrent problems with mail delivery services, Price Enterprise has extended its exchange offer for debentures and secured notes of acquisition partner Excel Legacy Corp.

By Randyl J. Drummer | Updated on September 13, 2001

SAN DIEGO-Price Enterprises Inc. announced today that, due to the closure of the financial markets and concurrent problems with mail delivery services, it has extended its exchange offer for debentures and secured notes of acquisition partner Excel Legacy Corp.

The company has extended its offer for all outstanding 9% convertible redeemable subordinated debentures and 10% secured notes due 2004 of Excel Legacy and also its tender offer for all outstanding shares of Price Enterprises’ common stock.

The exchange offer, consent solicitation and tender offer, which were scheduled to expire at 5 p.m. today, have been extended until 5 p.m. on Sept.18, unless further extended. All other terms remain unchanged.

Legacy and Price Enterprises have received stockholder approval for the merger and $100 million investment by Warburg Pincus in the combined company, Price Legacy Corp.

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