Alston & Bird acted as counsel to the underwriters in connection with an SEC-registered investment-grade notes offering totaling $400 million issued by Essex Portfolio L.P., the operating partnership of Essex Property Trust Inc., a publicly traded real estate investment trust that invests in multifamily residential properties on the U.S. West Coast.
The offering of 3.000% senior notes due in 2030 was priced by Essex Portfolio on July 29, 2019, and expected to close on August 7, 2019. Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Jefferies LLC, and MUFG Securities Americas Inc. served as joint book-running managers. Barclays Capital Inc.; BB&T Capital Markets, a division of BB&T Securities LLC; BNP Paribas Securities Corp.; and Mizuho Securities USA LLC served as senior co-managers, and Capital One Securities Inc., Regions Securities LLC, and Scotia Capital (USA) Inc. served as co-managers for the offering.
Essex Portfolio intends to use the net proceeds of the offering to prepay, with no prepayment penalties, certain secured indebtedness under outstanding mortgage notes; repay indebtedness under its unsecured line of credit facilities, and for other general corporate and working capital purposes.
The notes offering is the third this year by Essex Portfolio for which Alston & Bird has represented the underwriters. Earlier this year, the firm advised the underwriters of two SEC-registered investment-grade notes offerings by Essex Portfolio totaling $500 million.
Advising the underwriters on the most recent offering was an Alston & Bird team led by partners Rosemarie Thurston and Michael Kessler and associate Ian Jones (REITs & Funds); partner Sarah Hess Mackenzie (Capital Markets & Securities); partner Jim Croker and associate Stefanie Kavanagh (Tax); senior associate David Rutherford (Finance); and associate Joel Jung (Financial Services & Products).