By Lisa Kerner
Charlotte, N.C., July 5 - Essex Property Trust, Inc. and its operating partnership, Essex Portfolio, LP, issued the $115 million of guaranteed senior notes that were announced on Thursday, according to an 8-K filing with the Securities and Exchange Commission.
The notes were issued as follows:
• $40 million of 4.5% notes, series A, maturing on Sept. 30, 2017; and
• $75 million of 4.92% notes, series B, 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.
The notes have a make-whole call at Treasuries plus 50 basis points, the filing said.
The lead placement agent was Mitsubishi UFJ Securities (USA), Inc. The 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: | $115 million
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Pricing date: | June 30
|
| Distribution: | Private placement
|
|
|
| Series A notes
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| Amount: | $40 million
|
| Maturity: | Sept. 30, 2017
|
| Coupon: | 4.5%
|
|
|
| Series B notes
|
| Amount: | $75 million
|
| Maturity: | Dec. 31, 2019
|
| Coupon: | 4.92%
|
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