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Essex intends to conduct add-on to its 3% guaranteed notes due 2030
By Devika Patel
Knoxville, Tenn., Oct. 7 – Essex Portfolio, LP plans to price an add-on to its 3% guaranteed notes due Jan. 15, 2030, according to a 424B5 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Essex Property Trust, Inc.
The company issued $400 million of the notes at 98.632 to yield 3.155% with a spread of Treasuries plus 110 basis points in a sale that priced on July 29 and settled on Aug. 7.
The notes have a make-whole call at Treasuries plus 20 bps until Oct. 15, 2029 and then a par call.
The bookrunners are Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc.
Proceeds will be used to repay upcoming debt maturities and borrowings 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.
Based in Palo Alto, Calif., Essex Portfolio is a real estate investment trust.
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