New Issue: ERP Operating sells $500 million 3.5% 10-year notes with 80 bps spread

By Cristal Cody

Tupelo, Miss., Feb. 1 – ERP Operating LP sold $500 million of 3.5% 10-year notes (A3/A-/A) on Thursday at a spread of 80 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.402 to yield 3.571%.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Barclays were the bookrunners.

Proceeds will be used for working capital and general company purposes, including to repay a portion of the borrowings under the company’s unsecured revolving credit facility and notes issued under its commercial paper program.

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

Issuer:	ERP Operating LP
Amount:	$500 million
Description:	Notes
Maturity:	March 1, 2027
Bookrunners:	Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Barclays
Senior co-managers:	BNY Mellon Capital Markets, LLC, Mizuho Securities USA LLC, Scotia Capital (USA) Inc.
Co-managers:	BB&T Capital Markets, Fifth Third Securities, Inc., Regions Securities LLC, SMBC Nikko Securities America, Inc.
Coupon:	3.5%
Price:	99.402
Yield:	3.571%
Spread:	Treasuries plus 80 bps
Call feature:	Make-whole call until Dec. 1, 2027 at Treasuries plus 15 bps; thereafter at par
Trade date:	Feb. 1
Settlement date:	Feb. 7
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A
Distribution:	SEC registered

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