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AvalonBay tenders for two series of 7.5% medium-term notes
By Susanna Moon
Chicago, Jan. 9 - AvalonBay Communities, Inc. said it began a cash tender offer for its $140 million of 7.5% medium-term notes due Aug. 1, 2009 and $200 million of 7.5% medium-term notes due Dec. 15, 2010.
The offer will expire at 11:59 p.m. ET on Jan. 16.
The company said it will pay par for the 2009 notes and $980 per $1,000 principal amount of the 2010 notes, along with accrued interest to the payment date.
AvalonBay expects to use available cash and borrowing under its $1 billion variable-rate unsecured credit facility to fund the tender offer.
The issuer is a real estate investment trust based in Alexandria, Va.
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