Essex Property Trust Inc., through its Operating Partnership, Essex Portfolio, L.P., has entered into a significant financial agreement with PNC Bank, National Association, and other banking partners. Effective May 20, 2025, this agreement replaces the company's existing $1.2 billion Revolving Credit Facility with a newly amended and restated facility. The updated arrangement, expected to be effective in July 2025, increases the maximum borrowing capacity to $1.5 billion, with a maturity date set for January 2030 and options for two six-month extensions. Additionally, Essex Property Trust has launched an unsecured commercial paper program allowing for the issuance of notes with maturities up to 397 days. This strategic financial restructuring positions the company to potentially expand its credit facility up to $2.5 billion if additional commitments are secured.
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