Essex Property places $115 million of notes; Intact to place in Canada; Schneider wraps deal

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 $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.

Essex is a Palo Alto, Calif.-based real estate investment trust. The majority of its real estate consists of apartment communities.

Intact Financial Corp. said it plans to privately place C$100 million of unsecured term notes due July 8, 2061 with an institutional investor in Canada.

Proceeds will be used to help fund the purchase of AXA Canada Inc., or for general corporate purposes if the closing fails to occur in the fall as planned.

The notes will bear interest at 6.2% per year, payable semiannually.

Toronto-based Intact Financial is the largest provider of property and casualty insurance in Canada.

Schneider Electric announced that it closed a $300 million private placement under its EMTN program that has a floating coupon of Libor plus 49 bps and matures in July 2014.

The energy management company, based in Rueil-Malmaison, France, operates in more than 100 countries.

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