By Lisa Kerner
Charlotte, N.C., March 31 - Essex Property Trust, Inc. and its operating partnership, Essex Portfolio, LP, completed the private placement of $150 million of five-year 4.36% guaranteed senior notes.
Proceeds will be used to repay a portion of the outstanding debt under Essex Property's $275 million line of credit and for general corporate purposes, a company news release said.
Lead placement agent was Mitsubishi UFJ Securities (USA), Inc. Co-placement agents were KeyBanc Capital Markets Inc. and PNC Capital Markets LLC.
Essex is a Palo Alto, Calif.-based real estate investment trust. The majority of its real estate consists of apartment communities.
| Issuers: | Essex Property Trust, Inc. and Essex Portfolio, LP
|
| Issue: | Guaranteed senior notes
|
| Amount: | $150 million
|
| Coupon: | 4.36%
|
| Maturity: | March 31, 2016
|
| Distribution: | Private placement
|
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