Issuer:
|
Essex Portfolio, L.P.
|
Guarantor:
|
Essex Property Trust, Inc.
|
Principal Amount:
|
$150,000,000. The Notes will be issued as additional notes of, and will form a single series of securities with, the $500,000,000 2.650% Senior Notes due 2032 issued
on February 11, 2020. The total aggregate principal amount of the 2.650% Senior Notes due 2032 that will be outstanding following this reopening will be $650,000,000. The original notes and the Notes will share the same CUSIP number and be
fungible.
|
Expected Ratings (Moody’s / S&P / Fitch)*:
|
Baa1 / BBB+ / BBB+
|
Trade Date:
|
June 17, 2020
|
Settlement Date:
|
June 19, 2020 (T+2)
|
Maturity Date:
|
March 15, 2032
|
Interest Payment Dates:
|
March 15 and September 15, commencing September 15, 2020
|
Benchmark Treasury:
|
UST 0.625% due May 15, 2030
|
Benchmark Treasury Price / Yield:
|
98-28 / 0.743%
|
Spread to Benchmark Treasury:
|
T+135 basis points
|
Reoffer Yield:
|
2.093%
|
Coupon:
|
2.650% per annum
|
Price to Public:
|
105.660% of the Principal Amount, plus accrued interest in the amount of $1,413,333.33 for the period from and including February 11, 2020 up to but excluding the
Settlement Date
|
Optional Redemption Provisions:
|
Prior to December 15, 2031, make-whole call as set forth in the preliminary prospectus supplement at Treasury + 20 basis points
|
|
On or after December 15, 2031, the redemption price will be 100% of the principal amount to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date, as set forth in the preliminary prospectus supplement |
CUSIP / ISIN:
|
29717P AV9 / US29717PAV94
|
Joint Book-Running Managers:
|
U.S. Bancorp Investments, Inc.
|
|
Jefferies LLC |
|
Regions Securities LLC |
|
SunTrust Robinson Humphrey, Inc. |