By Aleesia Forni
Virginia Beach, Nov. 4 – AvalonBay Communities, Inc. sold $300 million of 3.5% 10-year medium-term notes (Baa1/A-) at Treasuries plus 130 basis points on Wednesday, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.674 to yield 3.539%.
Barclays, Goldman Sachs & Co. and Wells Fargo Securities LLC are the joint bookrunners.
Proceeds will be used for working capital, capital expenditures and other general corporate purposes.
The manager and developer of apartment communities is based in Arlington, Va.
| Issuer: | AvalonBay Communities Inc.
|
| Amount: | $300 million
|
| Description: | Medium-term notes
|
| Maturity: | Nov. 15, 2025
|
| Bookrunners: | Barclays, Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Coupon: | 3.5%
|
| Price: | 99.674
|
| Yield: | 3.539%
|
| Spread: | Treasuries plus 130 bps
|
| Make-whole call: | Treasuries plus 20 bps prior to Aug 15, 2025, then callable at par
|
| Trade date: | Nov. 4
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: A-
|
| Distribution: | SEC registered
|
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