American Assets Trust, Inc. Announces Pricing of $500 Million of 3.375% Senior Unsecured Notes Due 2031

SAN DIEGO, Jan. 14, 2021 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE: AAT) (the “company”) today announced that its operating partnership, American Assets Trust, L.P. (the “operating partnership”), has priced a public offering of $500 million aggregate principal amount of 3.375% senior notes due 2031 (the “Notes”). The Notes were priced at 98.935% of the principal amount and will mature on February 1, 2031. The offering is expected to settle on January 26, 2021, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed by the company.

The operating partnership intends to use the net proceeds from this offering as follows: approximately $175 million for the development of La Jolla Commons III, approximately $155 million to repay its Series A Senior Guaranteed Notes, approximately $100 million to repay outstanding borrowings under its revolving credit facility, and the remainder for working capital and general corporate purposes.

Wells Fargo Securities, LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC acted as joint book-running managers of this offering.

This offering is being made pursuant to an effective shelf registration statement and prospectus and related preliminary prospectus supplement filed by the company and the operating partnership with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from: Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, by email at [e-mail] or by telephone at 1-800-645-3751; BofA Securities, Inc., Attn: Prospectus Department, at 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, by telephone at [phone] or by email [e-mail]; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by email at [e-mail] or by telephone at 1-866-718-1649.