Essex Property unit starts exchange offers for three BRE note series

By Jennifer Chiou

New York, March 6 - Essex Property, Trust, Inc.'s operating partnership, Essex Portfolio, LP, has launched exchange offers for any and all of the 5.5% senior notes due 2017, 5.2% senior notes due 2021 and 3.375% senior notes due 2023 issued by BRE Properties, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The offers are in connection with the companies' merger agreement dated Dec. 19, under which BRE is expected to be merged into a wholly owned subsidiary of Essex.

The company is offering new 5.5% senior notes due 2017, 5.2% senior notes due 2021 and 3.375% senior notes due 2023 to be issued by Essex Portfolio and guaranteed by Essex Property.

Essex is also soliciting consents to amend the terms of the notes.

The offers are contingent on the closing of the merger.

Essex is a Palo Alto, Calif.-based real estate investment trust with a focus on multifamily residential properties.

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