By Cristal Cody
Tupelo, Miss., Nov. 28 – ERP Operating LP sold $400 million of 4.15% 10-year green notes (A3/A-/A) on Wednesday at a spread of 112 basis points over Treasuries, according to a market source.
The deal was upsized from $350 million.
The notes priced on the tight side of guidance in the Treasuries plus 115 bps area, plus or minus 3 bps, and better than initial talk in the Treasuries plus 125 bps area.
BofA Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for eligible green projects.
The unit of apartment property builder and manager Equity Residential is based in Chicago.
| Issuer: | ERP Operating LP
|
| Amount: | $400 million
|
| Description: | Notes
|
| Maturity: | Dec. 1, 2028
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC
|
| Coupon: | 4.15%
|
| Spread: | Treasuries plus 112 bps
|
| Trade date: | Nov. 28
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 115 bps area, plus or minus 3 bps; initial talk at Treasuries plus 125 bps area
|
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