Essex Property Trust unit to price senior notes in two parts

By Marisa Wong

Los Angeles, Aug. 10 – Essex Portfolio, LP plans to price senior notes in two parts, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Essex Property Trust, Inc.

Wells Fargo Securities, LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., Jefferies LLC and MUFG are the joint bookrunners.

Proceeds will be used to repay upcoming debt maturities, including about $50 million of 4.37% senior private placement notes due August 2021, about $50 million of 4.3% senior private placement notes due June 2021, about $100 million of 4.27% senior private placement notes due April 2021 and $28.2 million of 5.4% secured mortgage notes due April 2021; to fund the make-whole redemption of $300 million of 3.625% senior notes due August 2022; and for other general corporate and working capital purposes.

The real estate investment trust is based in Palo Alto, Calif.

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