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American Assets to repay $100 million of revolver debt via note sale
By Wendy Van Sickle
Columbus, Ohio, Jan. 14 – American Assets Trust, Inc.’s operating partnership, American Assets Trust, LP, plans to use $100 million of proceeds of an offering of senior notes to pay down revolving credit facility debt, according to a 424B2 filing with the Securities and Exchange Commission.
Wells Fargo Securities LLC, BofA Securities Inc. and Morgan Stanley & Co. LLC are the bookrunners for the offering.
Additionally, about $150 million of proceeds will be used for the development of the La Jolla Commons III property in San Diego and $155 million for the repayment of the company’s senior guaranteed notes due Oct. 31, 2021.The remainder will be used for working capital and general corporate purposes.
American Assets is a San Diego-based real estate investment trust focused on retail, office and residential properties, primarily in Southern California, Northern California, Oregon, Washington and Hawaii.
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