AvalonBay Communities gets tenders for $101.86 million of 7.5% notes

By Angela McDaniels

Tacoma, Wash., Jan. 21 - AvalonBay Communities, Inc. said it repurchased $37.44 million of its $140 million 7.5% medium-term notes due Aug. 1, 2009 and $64.42 million of its $200 million 7.5% medium-term notes due Dec. 15, 2010 through a tender offer that expired on Jan. 16.

Noteholders received par for the 2009 notes and $980 per $1,000 principal amount of the 2010 notes. The company also paid accrued interest through the payment date, which was Jan. 20.

In total, the company repurchased $101.86 million of notes and paid $102.36 million including interest, according to a company news release.

When the offer began on Jan. 9, AvalonBay said it expected to use available cash and borrowings under its $1 billion variable-rate unsecured credit facility to fund the repurchase.

J.P. Morgan Securities Inc. was dealer manager.

AvalonBay is an Alexandria, Va.-based equity real estate investment trust focused on apartment communities in high barrier-to-entry markets.

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