Essex Portfolio talks $400 million guaranteed notes due 2032 at Treasuries plus 135 bps area

By Cristal Cody

Tupelo, Miss., Feb. 4 – Essex Portfolio, LP plans to price $400 million of guaranteed fixed-rate senior notes due March 15, 2032 (Baa1/BBB+/BBB+) on Tuesday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

Initial price talk is in the Treasuries plus 135 basis points area.

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

The notes have make-whole and par calls and will be guaranteed by Essex Property Trust, Inc.

Essex held fixed income investor meetings for the offering on Monday.

Proceeds 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.

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