Essex Property Trust, Inc. (ESS) announced that its operating partnership, Essex Portfolio, L.P., priced $300 million aggregate principal amount of senior unsecured notes at an interest rate per annum of 3.25%.
The company said that the notes were offered to investors at a price of 99.152% of par value with a yield to maturity of 3.35%. Interest is payable semiannually on May 1st and November 1st with the first interest payment due November 1, 2013. The Notes mature on May 1, 2023.
The Notes will be the senior unsecured obligations of the operating partnership and will be fully and unconditionally guaranteed by Essex Property Trust, Inc. The Notes offering is expected to close on April 15, 2013, subject to certain closing conditions.
The company said that its operating partnership expects to use net proceeds to repay indebtedness under its unsecured line of credit facility, its unsecured working capital line of credit facility and for other general corporate and working capital purposes.
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