By Devika Patel
Knoxville, Tenn., May 11 – AvalonBay Communities, Inc. offered further details about a $600 million sale of 2.45% medium-term notes due Jan. 15, 2031 (A3/A-) that priced on Friday at a spread of Treasuries plus 182 basis points, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.555.
Initial price talk was in the Treasuries plus 225 bps area with guidance tightened to the 185 bps area, plus or minus 3 bps.
BofA Securities Inc., Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to redeem AvalonBay’s $300 million floating-rate notes due 2021 and for general corporate purposes.
The manager and developer of apartment communities is based in Arlington, Va.
| Issuer: | AvalonBay Communities, Inc.
|
| Amount: | $600 million
|
| Description: | Medium-term notes
|
| Maturity: | Jan. 15, 2031
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC
|
| Coupon: | 2.45%
|
| Price: | 99.555
|
| Spread: | Treasuries plus 182 bps
|
| Trade date: | May 8
|
| Settlement date: | May 22
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 185 bps area, plus or minus 3 bps; initial talk at Treasuries plus 225 bps area
|
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