Fitch Ratings said it has assigned a 'BBB' rating to the $300 million 3.625% senior unsecured notes due August 2022 issued by Essex Portfolio L.P., the operating partnership of Essex Property Trust, Inc. (ESS: Quote).
The unsecured notes were issued at 98.99% of par to yield 3.747%. The company expects to use the proceeds to repay balances on its unsecured line of credit and for general corporate purposes.
Fitch currently rates Essex Property Trust, Inc's Issuer Default Rating or IDR at 'BBB' and Preferred stock 'BB+'.
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by RTT Staff Writer
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