ERP Operating to pay down revolver borrowings, term loan via new notes

By Tali Rackner

Norfolk, Va., June 16 – ERP Operating LP plans to repay all or a portion of the outstanding balance under its revolving credit facility and all or a portion of the outstanding balance under its $750 million term loan facility with the proceeds from new notes offerings, according to a 424B5 filing with the Securities and Exchange Commission.

As of June 11, $300 million was outstanding under the revolver, which matures on April 1, 2018, and $750 million was outstanding under the term loan facility, which matures on Jan. 11, 2015.

ERP conducts the multifamily residential property business of its general partner, Equity Residential, which acquires and manages apartment properties and is based in Chicago.

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