By Marisa Wong
Morgantown, W.Va., July 19 – American Assets Trust, Inc. said that its operating partnership, American Assets Trust, LP, closed a private placement of $100 million of seven-year senior guaranteed notes, series F, with a 3.78% coupon.
Before closing, the company entered into a treasury lock that gives an effective rate of 3.85% on the notes under GAAP, according to a news release.
Proceeds will be used to repay credit facility borrowings and for 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.
| Issuer: | American Assets Trust, LP
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| Guarantor: | American Assets Trust, Inc.
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| Issue: | Senior guaranteed notes, series F
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| Amount: | $100 million
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| Maturity date: | July 19, 2024
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| Coupon: | 3.78%
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| Call: | Make-whole call at Treasuries plus 50 bps
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| Settlement date: | July 19
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| Investors: | New York Life Insurance Co.; New York Life Insurance and Annuity Corp.; | Bank of New York Mellon as trustee under the trust agreement between New York Life Insurance as grantor and John Hancock Life Insurance Co. (USA) and John Hancock Life Insurance Co. of New York as beneficiaries; CompSource Mutual Insurance Co.; and Thrivent Financial for Lutherans
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| Distribution: | Private placement
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