Essex Portfolio talks $300 million of seven-year senior notes at Treasuries plus 105 bps area

By Devika Patel and Cristal Cody

Knoxville, Tenn., Feb. 22 – Essex Portfolio, LP is expected to price a $300 million offering of fixed-rate guaranteed senior notes due March 1, 2028, according to a 424B5 filing with the Securities and Exchange Commission.

Initial price talk is in the Treasuries plus 105 basis points area, according to a market source.

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

The notes have a make-whole call and are then redeemable at par.

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

Proceeds will be used to repay upcoming debt maturities and for other general corporate and working capital purposes.

Based in Palo Alto, Calif., Essex Portfolio is a real estate investment trust.

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