American Assets Trust prices of $500M of 3.375% senior unsecured notes due 2031

• American Assets Trust (NYSE:AAT) operating partnership, American Assets Trust, L.P. prices a public offering of $500M aggregate principal amount of 3.375% senior notes due 2031.
• The notes were priced at 98.935% of the principal amount and will mature on February 1, 2031.
• Offering is expected to settle on January 26, 2021.
• Operating partnership intends to use the net proceeds from this offering as follows: approximately $175 million for the development of La Jolla Commons III, approximately $155 million to repay its Series A Senior Guaranteed Notes, approximately $100 million to repay outstanding borrowings under its revolving credit facility, and the remainder for working capital and general corporate purposes.