By Devika Patel
Knoxville, Tenn., Dec. 14 – Empire State Realty Trust, Inc. said its subsidiary Empire State Realty OP, LP has arranged a $450 million private placement of senior notes in three tranches with investors Prudential Capital Group, AIG Asset Management, MetLife Investment Advisors, LLC and Teachers Insurance and Annuity Association of America.
The company is selling $115 million of 4.08% series D senior notes due 2028, $160 million of 4.26% series E senior notes due 2030 and $175 million of 4.44% series F senior notes due 2033.
The series D notes will close on Dec. 22, and the series E and series F notes will settle on March 22, 2018.
Proceeds will be used to repay some mortgage debt due 2018 and for other general corporate purposes.
Based in New York, Empire is a real estate investment trust that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area.
| Issuer: | Empire State Realty OP, LP
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| Issue: | Senior unsecured notes
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| Amount: | $450 million
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| Investors: | Prudential Capital Group, AIG Asset Management, MetLife Investment Advisors, LLC and Teachers Insurance and Annuity Association of America
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| Pricing date: | Dec. 14
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| Settlement dates: | Dec. 22 (for $115 million), March 22 (for $335 million)
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| Distribution: | Private placement
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| Series D tranche
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| Amount: | $115 million
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| Maturity: | 2028
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| Coupon: | 4.08%
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|
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| Series E tranche
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| Amount: | $160 million
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| Maturity: | 2030
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| Coupon: | 4.26%
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|
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| Series F tranche
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| Amount: | $175 million
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| Maturity: | 2033
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| Coupon: | 4.44%
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