Essex Portfolio to pay down lines of credit with senior note proceeds

By Tali Rackner

Norfolk, Va., March 10 – Essex Portfolio LP plans to repay debt under its $1 billion unsecured line of credit facility and $25 million unsecured working capital line of credit facility with the proceeds from a new senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds will also be used for general corporate purposes, which may include the acquisition, development or redevelopment of properties that primarily will be apartment communities or other investments.

As of Dec. 31, Essex had $229.8 million outstanding under the unsecured facility and $16.6 million outstanding under the working capital facility. These borrowings were used to primarily fund property acquisitions and its development and redevelopment pipeline.

Based in Palo Alto, Calif., Essex Portfolio is subsidiary of real estate investment trust Essex Property Trust Inc.

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