By Cristal Cody
Tupelo, Miss., March 15 – AvalonBay Communities, Inc. sold $300 million of 4.35% 30-year medium-term notes (A3/A-) on Thursday at 99.814, according to an FWP filing with the Securities and Exchange Commission.
UBS Securities LLC and BofA Merrill Lynch were 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.
| Issuer: | AvalonBay Communities, Inc.
|
| Amount: | $300 million
|
| Description: | Medium-term notes
|
| Maturity: | April 15, 2048
|
| Bookrunners: | UBS Securities LLC and BofA Merrill Lynch
|
| Coupon: | 4.35%
|
| Price: | 99.814
|
| Call features: | Make-whole call at principal sum and Treasuries plus 20 bps; on or after 180 days before maturity at par
|
| Trade date: | March 15
|
| Settlement date: | March 26
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | SEC registered
|
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