AvalonBay Communities intends to price fixed-rate medium-term notes

By Devika Patel

Knoxville, Tenn., March 15 – AvalonBay Communities, Inc. plans to sell dollar-denominated fixed-rate medium-term notes, according to a 424B2 filing with the Securities and Exchange Commission.

BofA Merrill Lynch and UBS Securities LLC are the bookrunners.

Proceeds will be used to reduce debt under AvalonBay’s $1.5 billion unsecured revolving credit facility and for general corporate purposes, including the acquisition, development and redevelopment of apartment communities and repayment and refinancing of other debt.

The manager and developer of apartment communities is based in Arlington, Va.

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