Essex Property Trust Prices $450 Million of Senior Notes
Essex Property Trust, Inc. (NYSE:ESS) announced today that its operating partnership, Essex Portfolio, L.P. (the “Issuer”), priced an underwritten public offering of $450 million aggregate principal amount of 1.700% senior notes due 2028 (the “Notes”). The Notes were priced at 99.423% of par value with a yield to maturity of 1.788%. Interest is payable semiannually at an interest rate per annum of 1.700% on March 1 and September 1 of each year with the first interest payment due September 1, 2021. The Notes mature on March 1, 2028. The Notes will be the senior unsecured obligations of the Issuer and will be fully and unconditionally guaranteed by Essex Property Trust, Inc. The Notes offering is expected to close on March 1, 2021, subject to the satisfaction of certain closing conditions.
The Issuer expects to use the net proceeds to repay upcoming debt maturities, including all or a portion of certain unsecured term loans, and for other general corporate and working capital purposes.
Wells Fargo Securities, LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC, Regions Securities LLC and Truist Securities, Inc. served as joint book-running managers. Capital One Securities, Inc. and Mizuho Securities USA LLC served as senior co-managers and Barclays Capital Inc., BNP Paribas Securities Corp. and Scotia Capital (USA) Inc. served as co-managers for the offering.
The Issuer and Essex Property Trust, Inc. have filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. You may get these documents for free by searching the SEC online database on the SEC website at http://www.sec.gov. Alternatively, the Issuer, Essex Property Trust, Inc., any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it from (i) Wells Fargo Securities, LLC toll free at 1-800-645-3751, (ii) Citigroup Global Markets Inc. toll free at 1-800-831-9146, (iii) J.P. Morgan Securities LLC collect at 1-212-834-4533 or (iv) U.S. Bancorp Investments, Inc. toll free at 1-877-558-2607.