Equity Residential announced that its operating partnership subsidiary, ERP Operating Limited Partnership has established an unsecured commercial paper note program in the United States.
Under the terms of the program, the Operating Partnership may issue, from time to time, unsecured commercial paper notes up to a maximum aggregate amount outstanding of $500 million.
The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Operating Partnership’s other unsecured senior indebtedness.
The proceeds of the notes will be used for general corporate purposes.