Essex Property Trust Prices Public Offering Of $200M In Additional Senior Notes Due 2034 With Reoffer Yield Of 5.110%
Portfolio Pulse from Benzinga Newsdesk
Essex Property Trust has announced a public offering of $200 million in additional senior notes due 2034 with a reoffer yield of 5.110%. These notes will be issued under the same indenture as the previously issued $350 million of 5.500% senior notes due 2034.
August 19, 2024 | 9:59 pm
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Essex Property Trust is issuing $200 million in additional senior notes due 2034 with a reoffer yield of 5.110%. This move follows a previous issuance of $350 million in senior notes due 2034.
The issuance of additional senior notes suggests Essex Property Trust is leveraging debt markets to raise capital, which could be used for growth or refinancing. The yield is slightly lower than the initial notes, indicating favorable market conditions. However, the impact on stock price is neutral as it doesn't directly affect earnings or operations.
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