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Prospect News home > News index > List of issuers A > Headlines for Avalonbay Communities, Inc. > News item |
AvalonBay plans to offer senior notes via four bookrunners
By Mary-Katherine Stinson
Lexington, Ky., Dec. 4 – AvalonBay Communities, Inc. intends to sell senior notes via three bookrunners, according to a 424B5 filing with the Securities and Exchange Commission.
The notes will have a make-whole call followed by a par call some months before the maturity date.
Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc. are the bookrunners.
Bank of New York Mellon is the trustee.
Goodwin Procter LLP will act as counsel for AvalonBay. Skadden, Arps, Slate, Meagher & Flom LLP is counsel for the underwriters.
Proceeds will be used for identified and prospective land acquisitions, the development and redevelopment of apartment communities, the acquisition of communities and working capital and general corporate purposes, which may include the repayment of outstanding debt under the commercial paper program or credit facility.
As of Dec. 1, there were no borrowings under the credit facility and approximately $1.9 million outstanding in letters of credit. There is $2.25 billion available under the credit facility as of Dec. 1, which bears interest at a rate of 6.135% reflecting a variable rate equal to SOFR plus 80.5 basis points. It is scheduled to mature in September 2026. In addition, as of Dec. 1, there were no borrowings outstanding under the commercial paper program.
The manager and developer of apartment communities is based in Arlington, Va.
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