American Assets Trust to sell senior notes via three bookrunners

By Wendy Van Sickle

Columbus, Ohio, Jan. 14 – American Assets Trust, Inc.’s operating partnership, American Assets Trust, LP, is planning an offering of dollar-denominated senior notes, according to a 424B2 filing with the Securities and Exchange Commission.

Wells Fargo Securities LLC, BofA Securities Inc. and Morgan Stanley & Co. LLC are the joint bookrunners for the offering.

The company said an affiliate of Insurance Company of the West, which is controlled by Ernest Rady, American Assets’ executive chairman, president and chief executive officer, has indicated an interest in purchasing an aggregate of up to about $25 million in principal amount of the notes in this offering at the public offering price.

About $150 million of the proceeds will be used for the development of the La Jolla Commons III property in San Diego; $155 million for the repayment of the company’s senior guaranteed notes due Oct. 31, 2021; and $100 million for the repayment of the outstanding borrowings under company’s revolving credit facility. The remainder will be used for working capital and general corporate purposes.

American Assets is a San Diego-based real estate investment trust focused on retail, office and residential properties, primarily in Southern California, Northern California, Oregon, Washington and Hawaii.

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