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Essex Property Trust prices offering of $350M of senior unsecured notes

Essex Property Trust Inc. announced that its unit, Essex Portfolio LP, priced its offering of $350 million of senior unsecured notes due 2027, at an interest rate per annum of 3.625%.

The notes were offered at 99.423% of par value with a yield to maturity of 3.694% and interest payable semiannually May 1 and Nov. 1, starting Nov. 1.

The company will fully and unconditionally guarantee the offering on behalf of its unit.

The unit expects to use the net proceeds to repay debt under its unsecured line of credit facilities and for other working capital and general corporate purposes.

The offering is expected to close on April 10.

Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., U.S. Bancorp Investments Inc. and Jefferies LLC are the joint book-running managers.

Barclays Capital Inc., BB&T Capital Markets, LLC, BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. are the senior co-managers, and Capital One Securities Inc., Mizuho Securities USA LLC, Regions Securities LLC and Scotia Capital Inc. are the co-managers for the offering.