Empire State Realty Trust Announces Private Placement of $225 Million of Green Senior Unsecured Notes
10 Abril 2024 - 5:15PM
Business Wire
Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”),
today announced that it and its operating partnership, Empire State
Realty OP, L.P. (the “Operating Partnership”), entered into a note
purchase agreement to issue $225 million aggregate principal amount
of green senior unsecured notes in a private placement
transaction.
The issuance consists of $155 million of 7.20% notes due in June
2029, $45 million of 7.32% notes due in June 2031, and $25 million
of 7.41% notes due in June 2034. The notes were issued pursuant to
the Company’s Green Financing Framework, and pending the allocation
of an amount equal to the net proceeds from the private placement
to eligible green projects, the Operating Partnership intends to
apply the net proceeds from the private placement (i) to repay
existing indebtedness, including to repay certain amounts drawn on
the Company's revolving credit facility, and (ii) the remainder (if
any) for general corporate purposes.
“This transaction demonstrates strong support by high quality,
existing and new institutional investors who understand and want to
invest in ESRT’s differentiated NYC-focused portfolio,
well-positioned balance sheet and leadership in sustainability,”
said Christina Chiu, President of Empire State Realty Trust.
The Company commissioned S&P Global to conduct an external
review of its Green Financing Framework, and S&P issued a
Second Party Opinion (SPO) on the Framework’s environmental
credentials and its alignment with the Green Bond Principles
2021.
The private placement is scheduled to fund on June 17, 2024,
subject to customary closing conditions. The notes are
unconditionally guaranteed by each of the Company’s subsidiaries
that guarantees indebtedness under the Operating Partnership’s
senior credit facility.
The notes have not been and will not be registered under the
Securities Act of 1933, as amended (the “Securities Act”), and are
being offered and sold in reliance on an exemption from
registration provided by Section 4(a)(2) of the Securities Act. The
notes may not be offered or sold in the United States except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and applicable
state securities laws.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the notes or any other securities
and shall not constitute an offer to sell or a solicitation of an
offer to buy, or a sale of, the notes or any other securities in
any jurisdiction in which such offer, solicitation or sale is
unlawful.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused
REIT that owns and operates a portfolio of modernized, amenitized,
and well-located office, retail, and multifamily assets. The
Company is the recognized leader in energy efficiency and indoor
environmental quality. ESRT’s flagship Empire State Building – the
“World’s Most Famous Building” – includes its Observatory, the #1
attraction in the U.S. in Tripadvisor’s Travelers’ Choice Awards:
Best of the Best for two consecutive years. As of December 31,
2023, ESRT's portfolio is comprised of approximately 8.6 million
rentable square feet of office space, 0.7 million rentable square
feet of retail space and 727 residential units.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the federal securities laws. We intend these
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and are including this
statement for purposes of complying with those safe harbor
provisions. You can identify these statements by use of words such
as "aims," "anticipates," "approximately," "believes,"
"contemplates," "continues," "estimates," "expects," "forecasts,"
"hope," "intends," "may," "plans," "seeks," "should," "thinks,"
"will," "would" or the negative of these words and phrases 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. These factors include,
without limitation, the risks and uncertainties detailed 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, 2023 under the headings "Risk Factors" and any
failure of the conditions or events cited in this release. 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 IR@esrtreit.com
Empire State Realty (NYSE:ESRT)
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