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Essex Property Trust operating partnership nets $151.4M in debt offering

Essex Property Trust Inc.'s operating partnership closed its $150.0 million offering of 3.000% senior notes due Jan. 15, 2030, raising approximately $151.4 million in net proceeds.

Essex Portfolio LP on Oct. 9 issued the notes at 101.685% of the principal amount. Interest on the notes is payable semiannually in arrears every Jan. 15 and July 15, starting in 2020.

The operating partnership intends to use net proceeds to repay upcoming debt maturities, to repay debt under its $1.2 billion unsecured line of credit facility and its $35.0 million unsecured working capital line of credit facility, and for other general corporate and working capital purposes.

U.S. Bank NA is the trustee for the notes.