Alston & Bird acted as counsel to the underwriters in connection with an SEC-registered investment-grade notes offering totaling $500 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 2.650% senior notes due in 2032 was priced by Essex Portfolio on February 4, 2020, and closed on February 11, 2020. 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., BNP Paribas Securities Corp., Mizuho Securities USA LLC, and SunTrust Robinson Humphrey Inc. 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 repay indebtedness under its unsecured line of credit facilities, which have been used to fund recent acquisitions, and for other general corporate and working capital purposes.
The notes offering is the eighth by Essex Portfolio for which Alston & Bird has represented the underwriters. In 2019, the firm advised the underwriters of four SEC-registered investment-grade notes offerings by Essex Portfolio totaling $1.05 billion.
Advising the underwriters on the most recent offering was an Alston & Bird team led by partners Michael Kessler and Rosemarie Thurston and senior associate Ian Jones (REITs & Funds); partner Sarah Hess Mackenzie (Capital Markets & Securities); partner Jim Croker and senior associate Stefanie Kavanagh (Tax); senior associate David Rutherford (Finance); and associate Joel Jung (Financial Services & Products).