Essex Property Trust Inc. said its operating partnership closed its $400 million offering of 3.000% senior notes due Jan. 15, 2030, raising approximately $391.6 million in net proceeds.
Essex Portfolio LP on Aug. 7 issued the notes at 98.632% of the principal amount. Interest on the notes is payable semiannually in arrears Jan. 15 and July 15 every year commencing in 2020.
The operating partnership plans to use the net proceeds to repay upcoming debt maturities, to repay indebtedness under its $1.2 billion unsecured line of credit facility and its $35.0 million unsecured working capital line of credit facility, and to support general corporate and working capital functions.
U.S. Bank NA is the trustee for the notes.