Essex Portfolio to repay credit facility borrowings via note offering

By Tali Rackner

Norfolk, Va., April 4 – 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 other general corporate and working capital purposes, which may include the acquisition, development or redevelopment of properties, which primarily will be apartment communities, or making other investments.

As of Dec. 31, Essex had had $15 million outstanding under the $1 billion unsecured line of credit facility and no amounts outstanding under the $25 million unsecured working capital line of credit facility. Since Dec. 31 it had further borrowings under both of these facilities.

Based in Palo Alto, Calif., Essex Portfolio is a real estate investment trust.

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