By Cristal Cody
Tupelo, Miss., March 19 – Essex Portfolio, LP priced a $150 million reopening of its 4% guaranteed senior notes due March 1, 2029 (Baa1/BBB+/BBB+) on Tuesday at 100.717 to yield 3.91%, or a spread of 130 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The company originally sold $350 million of the notes on Feb. 4 at 99.188 to yield 4.099%, or a spread of Treasuries plus 137.5 bps. The total outstanding is now $500 million.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Jefferies LLC and MUFG were the bookrunners.
Essex Property Trust, Inc. guarantees the notes.
Proceeds from the add-on will be used to repay debt under the company’s $1.2 billion unsecured line of credit facility and its $35 million unsecured working capital line of credit facility and for other general corporate and working capital purposes.
Palo Alto, Calif.-based Essex Portfolio is a real estate investment trust.
| Issuer: | Essex Portfolio, LP
|
| Guarantor: | Essex Property Trust, Inc.
|
| Amount: | $150 million reopening
|
| Description: | Senior notes
|
| Maturity: | March 1, 2029
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Jefferies LLC and MUFG
|
| Senior co-managers: | BB&T Capital Markets, BNP Paribas Securities Corp. and Mizuho Securities USA Inc.
|
| Co-managers: | Capital One Securities, Inc., Regions Securities LLC and Scotia Capital (USA) Inc.
|
| Coupon: | 4%
|
| Price: | 100.717
|
| Yield: | 3.91%
|
| Spread: | Treasuries plus 130 bps
|
| Call feature: | Make-whole call before Dec. 1, 2028 at Treasuries plus 25 bps; thereafter at par
|
| Trade date: | March 19
|
| Settlement date: | March 26
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Total outstanding: | $500 million, including $350 million of notes priced Feb. 4 at 99.188 to yield 4.099%, or a spread of Treasuries plus 137.5 bps
|
© 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.
