Essex Property Trust (ESS) said its operating partnership, Essex Portfolio, has priced an underwritten public offering of $400 million of 5.375% senior notes due 2035.
The notes were priced at 99.604% of par value, with a yield to maturity of 5.425%, the company said late Thursday.
The issuer intends to use the net proceeds to repay upcoming debt maturities and for other general corporate and working capital purposes. The offering will likely close on Feb. 18.
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