By Cristal Cody
Tupelo, Miss., May 8 – AvalonBay Communities, Inc. priced an upsized $450 million of 3.3% 10-year medium-term notes (A3/A-) on Wednesday at a spread of 82 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.956.
Initial price talk was in the Treasuries plus 100 bps area.
The deal was upsized from $350 million.
Barclays, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to reduce debt under AvalonBay’s $1.75 billion unsecured revolving credit facility and for general corporate purposes.
The manager and developer of apartment communities is based in Arlington, Va.
| Issuer: | AvalonBay Communities, Inc.
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| Amount: | $450 million
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| Description: | Medium-term notes
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| Maturity: | June 1, 2029
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| Bookrunners: | Barclays, J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Coupon: | 3.3%
|
| Price: | 99.956
|
| Spread: | Treasuries plus 82 bps
|
| Call features: | Make-whole call at principal sum and Treasuries plus 15 bps; on or after 90 days before maturity at par
|
| Trade date: | May 8
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| Settlement date: | May 15
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 100 bps area
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