American Assets to repay $100 million of revolver debt via note sale

By Wendy Van Sickle

Columbus, Ohio, Jan. 14 – American Assets Trust, Inc.’s operating partnership, American Assets Trust, LP, plans to use $100 million of proceeds of an offering of senior notes to pay down revolving credit facility debt, according to a 424B2 filing with the Securities and Exchange Commission.

Wells Fargo Securities LLC, BofA Securities Inc. and Morgan Stanley & Co. LLC are the bookrunners for the offering.

Additionally, about $150 million of proceeds will be used for the development of the La Jolla Commons III property in San Diego and $155 million for the repayment of the company’s senior guaranteed notes due Oct. 31, 2021.The remainder will be used for working capital and general corporate purposes.

American Assets is a San Diego-based real estate investment trust focused on retail, office and residential properties, primarily in Southern California, Northern California, Oregon, Washington and Hawaii.

© 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.