ERP Operating to repay unsecured revolver debt via new note offering

By Tali Rackner

Minneapolis, July 31 – ERP Operating LP plans to repay all or a portion of the outstanding balance under its unsecured revolving credit facility using the net proceeds from two new note offerings, according to a 424B5 filing with the Securities and Exchange Commission.

As of July 28, there was $415 million outstanding under the revolver, which matures on Jan. 10, 2022 and has a current interest rate of Libor plus 82.5 basis points.

Proceeds will also be used to repay all or a portion of the notes issued under ERP’s commercial paper program. After that, the company may temporarily invest any remaining proceeds in short-term government securities, short-term money market funds and/or bank certificates of deposit.

The unit of apartment property builder and manager Equity Residential is based in Chicago.

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