By Lisa Kerner
Charlotte, N.C., June 30 - Essex Property Trust, Inc. and its operating partnership, Essex Portfolio, LP, completed the private placement of $115 million of guaranteed senior unsecured notes.
The notes were issued as follows:
• $40 million of 4.5% notes maturing on Sept. 30, 2017; and
• $75 million of 4.92% notes maturing on Dec. 31, 2019.
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 unsecured notes
|
| Amount: | $115 million
|
| Distribution: | Private placement
|
|
|
| Amount: | $40 million
|
| Coupon: | 4.5%
|
| Maturity: | Sept. 30, 2017
|
|
|
| Amount: | $75 million
|
| Coupon: | 4.92%
|
| Maturity: | Dec. 31, 2019
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
