USA - Essex Property Trust prices $350 million of senior notes
2024-03-07 17:35:03 ET
- Essex Property Trust ( NYSE: ESS ) Thursday announced that its operating partnership, Essex Portfolio priced an underwritten public offering of $350M aggregate principal amount of 5.500% senior notes due 2034.
- The notes were priced at 99.752% of par value with a yield to maturity of 5.532%.
- Interest is payable semiannually at an interest rate per annum of 5.500% on April 1 and October 1 of each year, with the first interest payment due October 1, 2024.
- The net proceeds of the offering would repay upcoming debt maturities, including funding a portion of the repayment of the Issuer’s 3.875% senior unsecured notes due May 2024, among others.
- The notes mature on April 1, 2034.
- Source: Press Release