Essex Portfolio to repay credit facility debt with new note proceeds

By Sarah Lizee

Olympia, Wash., Feb. 27 – Essex Portfolio, LP plans to repay debt under its $1.2 billion unsecured line of credit facility and $35 million unsecured working capital line of credit facility using proceeds from an offering of dollar-denominated fixed-rate guaranteed senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The unsecured line of credit facility matures in December 2021 and has one 18-month extension option. Borrowings currently bear interest at Libor plus 87.5 basis points. As of Feb. 22, there was $274 million outstanding under the facility.

The working capital line of credit facility matures in January 2020. Interest is currently Libor plus 87.5 bps. As of Feb. 22, there was $6 million outstanding under the facility.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.