Essex Property Trust Executes Agreement for $200 Million Private Placement of Unsecured Notes and Announces Favorable Rating ...
March 15 2012 - 7:58PM
Marketwired
Essex Property Trust, Inc. (NYSE: ESS), announced today that the
Company and its operating partnership, Essex Portfolio, L.P., have
entered into a note purchase agreement to issue $200 million of
senior unsecured notes as outlined in the following overview of the
transaction:
Issuer: Essex Portfolio, L.P.
Security Type: Guaranteed Senior Unsecured Notes
Structure: Private Placement
Size: $200 million
Term: 9 years
Funding Amount/Date: $100 million / April 30, 2012
$50 million / June 29, 2012
$50 million / August 30, 2012
Pay Rate: 4.27% (April 30); 4.30% (June 29); 4.37% (August 30)
Type: Semi-annual; 360 day
Use of Proceeds: For general corporate purpose, including the
repayment of a portion of the outstanding
indebtedness under its $425 million unsecured line
of credit.
Lead placement agent: Mitsubishi UFJ Securities (USA), Inc.
Co-placement agents: BMO Capital Markets
PNC Capital Markets LLC
US Bancorp Investments, Inc.
Mark J. Mikl, Senior Vice President, Capital Markets for the
company commented, "The private placement debt market has proven to
be a flexible capital option through the use of delayed fundings,
tailored maturity dates and more manageable offering sizes."
In February, Moody's Investor Services issued an initial issuer
credit rating for the Company of Baa2 and in March, Fitch upgraded
the Company's credit rating outlook from BBB Stable to
Positive.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
Essex Property Trust, Inc., located in Palo Alto, California and
traded on the New York Stock Exchange (ESS), is a fully integrated
real estate investment trust (REIT) that acquires, develops,
redevelops, and manages multifamily residential properties in
selected West Coast markets. Essex currently has ownership
interests in 160 apartment communities with an additional 5
properties in various stages of active development. Additional
information about Essex can be found on the Company's web site at
www.essexpropertytrust.com.
Bryan Hunt (650) 849-5823
Essex Property (NYSE:ESS)
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