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Essex Property Trust Prices $300 Million of Senior Notes

Nachrichtenquelle: Business Wire (engl.)
18.05.2021, 00:29  |  122   |   |   

Essex Property Trust, Inc. (NYSE:ESS) announced today that its operating partnership, Essex Portfolio, L.P. (the “Issuer”), priced an underwritten public offering of $300 million aggregate principal amount of 2.550% senior notes due 2031 (the “Notes”). The Notes were priced at 99.367% of par value with a yield to maturity of 2.622%. Interest is payable semiannually at an interest rate per annum of 2.550% on June 15 and December 15 of each year with the first interest payment due December 15, 2021. The Notes mature on June 15, 2031. 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 June 1, 2021, subject to the satisfaction of certain closing conditions.

The Issuer expects to use the net proceeds to repay upcoming debt maturities, including to fund the redemption of $300.0 million aggregate principal amount (plus the make-whole amount and accrued and unpaid interest) of its outstanding 3.375% senior unsecured notes due January 2023, 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. and PNC Capital Markets LLC served as joint book-running managers. BNP Paribas Securities Corp., Mizuho Securities USA LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc. served as senior co-managers and Capital One Securities, Inc. and Regions Securities LLC 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.

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Essex Property Trust Prices $300 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 $300 million aggregate principal amount of 2.550% senior notes due 2031 (the …

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