Essex Property Trust, Inc. priced an underwritten public offering of $350.0 million aggregate principal amount of 4.875% senior notes due 2036.
The Notes were priced at 99.093% of par value with a yield to maturity of 4.988%.
The Notes will be the senior unsecured obligations of the Issuer and will be fully and unconditionally guaranteed by Essex.
Offering Details
$350 million aggregate principal amount of 4.875% senior notes due 2036 priced at 99.093% of par value.
Use of Proceeds
Intends to use net proceeds to repay upcoming debt maturities, including $450.0 million of 3.375% senior notes due April 2026.
Underwriters
Wells Fargo Securities, LLC and J.P. Morgan Securities LLC served as joint book-running managers.
- The offering will help Essex Property Trust to manage upcoming debt maturities and potentially fund acquisition opportunities.
- The guarantee by Essex enhances the creditworthiness of the Notes, making them an attractive investment option.
The successful pricing of the senior notes reflects investor confidence in Essex Property Trust's financial stability and growth prospects.