Essex Portfolio talks $400 million 10-year notes at 145-150 bps over Treasuries; pricing Tuesday

By Aleesia Forni

Virginia Beach, March 10 – The Essex Portfolio, LP is set to price a $400 million offering of 10-year senior notes (Baa2/BBB/) on Tuesday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The notes are talked in the 145 basis points to 150 bps area over Treasuries.

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

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

Proceeds will be used to repay debt under the company’s $1 billion unsecured line of credit facility and $25 million unsecured working capital line of credit facility, 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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