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Essex Property Trust unit closes $300M senior notes offering

Essex Property Trust Inc.'s operating partnership, Essex Portfolio LP, closed a $300 million offering of its 4.500% senior notes due March 15, 2048, generating roughly $295.8 million in net proceeds.

Interest on the notes is payable at 4.500%, semiannually every March 15 and Sept. 15, with the first payment due Sept. 15.

The proceeds will be used to settle debt under the operating partnership's $1.2 billion unsecured line of credit facility and $35.0 million unsecured working capital line of credit facility, and for other general business and working capital purposes.