Equity Residential is planning to offer $500 million of 2.850% notes due Nov. 1, 2026.

According to a prospectus supplement, the price to the public will be 99.341%. Net proceeds are projected to be $492.4 million and will go toward working capital and general corporate purposes.

The notes will be direct unsecured obligations of Equity Residential's operating partnership, ERP Operating LP. Interest on the notes will be paid May 1 and Nov. 1, starting May 1, 2017.

Barclays Capital Inc., Deutsche Bank Securities Inc., RBC Capital Markets LLC and UBS Securities LLC are joint book-running managers for the offering. Senior co-managers include PNC Capital Markets LLC, Regions Securities LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc., while co-managers include BB&T Capital Markets, BBVA Securities Inc., Fifth Third Securities Inc. and SMBC Nikko Securities America Inc.

The underwriters expect to deliver the notes on or about Oct. 12.