American Assets Trust (AAT) prices $500 million senior note offering.

American Assets Trust, Inc. (AAT) announced today that it has priced a $500 million offering of its 3.375% senior unsecured notes due 2031.  The notes were priced at a discount to yield 3.502%, or 237.5 basis points above the treasury curve.  The company said that proceeds would be used to refinance approximately $255 million of bank borrowings and private placement debt, with an additional $175 million designated for property redevelopment.

Founded in 1967 and taken public in 2011, American Assets Trust is a diversified equity REIT focusing on high-barrier locations along the West Coast. AAT has a total market capitalization of approximately $3.3 billion and trades as a component of the S&P SmallCap 600 index.