Essex Property Trust Inc.'s operating partnership priced a $150 million public offering of 3.000% senior notes due Jan. 15, 2030, at 101.685% of par value, plus interest, with a reoffer yield of 2.806%.
Essex Portfolio LP intends to use the net proceeds to prepay certain secured debt under outstanding mortgage notes, to repay debt under its unsecured line of credit facilities, and for other general corporate and working capital purposes.
Interest on the notes is payable semiannually every Jan. 15 and July 15, starting in 2020. The offering is anticipated to close Oct. 9.
Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Jefferies LLC and MUFG Securities Americas Inc. were the joint book-running managers.
BB&T Capital Markets, BNP Paribas Securities Corp. and Mizuho Securities USA LLC were the senior co-managers, and Capital One Securities Inc., Regions Securities LLC and Scotia Capital (USA) Inc. were the co-managers.
