NEW YORK--(BUSINESS WIRE)--
Empire State Realty Trust, Inc. (NYSE:ESRT) (the “Company”), a leading
real estate investment trust with office and retail properties in
Manhattan and the greater New York metropolitan area, today announced
that its operating partnership, Empire State Realty OP, L.P. (the
“Operating Partnership”), entered into an agreement to issue and sell an
aggregate principal amount of $450 million of its senior unsecured notes
in a private placement to entities affiliated with Prudential Capital
Group, AIG Asset Management, MetLife Investment Advisors, LLC and
Teachers Insurance and Annuity Association of America. The notes consist
of $115,000,000 of 4.08% Series D Senior Notes due 2028, $160,000,000 of
4.26% Series E Senior Notes due 2030, and $175,000,000 of 4.44% Series F
Senior Notes due 2033. The Operating Partnership intends to use the net
proceeds from the issuance of the notes to repay certain mortgage
indebtedness which is scheduled to mature during 2018 and for other
general corporate purposes.
David A. Karp, Executive Vice President and Chief Financial Officer,
commented, “We are pleased to address our 2018 debt maturities, reduce
our borrowing costs, and reinforce and expand our lender relationships.”
The notes will be issued and sold on two funding dates. The sale and
purchase of the Series D Senior Notes will occur at a closing on
December 22, 2017, while the sale and purchase of the Series E and
Series F Senior Notes will occur at a closing on March 22, 2018, in each
case, subject to customary closing conditions. The notes are senior
unsecured obligations of the Operating Partnership and are
unconditionally guaranteed by each of the Company’s subsidiaries that
guarantees indebtedness under the Operating Partnership’s senior credit
facility.
The notes will not be registered under the Securities Act of 1933, as
amended (the “Securities Act”), and are being offered and sold in
reliance on the exemption from registration provided by Section 4(a)(2)
of the Securities Act.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE:ESRT), a leading real estate
investment trust (REIT), owns, manages, operates, acquires and
repositions office and retail properties in Manhattan and the greater
New York metropolitan area, including the Empire State Building, the
world's most famous building. Headquartered in New York, New York, the
Company's office and retail portfolio covers 10.1 million rentable
square feet, as of September 30, 2017, consisting of 9.4 million
rentable square feet in 14 office properties, including nine in
Manhattan, three in Fairfield County, Connecticut and two in Westchester
County, New York; and approximately 700,000 rentable square feet in the
retail portfolio.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Federal securities laws. You can identify these
statements by our use of the words such as "assumes," "believes,"
"estimates," "expects," "intends," "plans," "projects" or the negative
of these words or similar words or expressions that do not relate to
historical matters. You should exercise caution in interpreting and
relying on forward-looking statements, because they involve known and
unknown risks, uncertainties and other factors which are, in some cases,
beyond the Company’s control and could materially affect actual results,
performance or achievements. Such factors and risks include, without
limitation, a failure of conditions or performance regarding any event
or transaction described above, regulatory changes, and other risks and
uncertainties described from time to time in the Company’s filings with
the SEC, including those set forth in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2016 under the headings “Risk
Factors.” Except as may be required by law, the Company does not
undertake a duty to update any forward-looking statement, whether as a
result of new information, future events or otherwise.
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Investors
Empire State
Realty Trust Investor Relations
212-850-2678
IR@empirestaterealtytrust.com
Source: Empire State Realty Trust, Inc.