05.12.2023 11:20:48 - dpa-AFX: AvalonBay Prices $400 Mln, 5.300% Sr. Notes Offering
WASHINGTON (dpa-AFX) - AvalonBay Communities, Inc. (AVB), a real estate
company, Tuesday said it priced senior notes offering worth $400 million, due
December 7, 2033, bearing interest of 5.300%.
The notes bear an effective interest of 5.098%.
The offering intends to raise approx. $396.2 million, which will be used for
acquisition, development, funding and working capital purposes, including paying
down debts.
The first interest will be paid on June 7, 2024, and after that it will be paid
semi-annually on June 7 and December 7.
The closing of offering is expected to occur on December 7.
Barclays, Deutsche Bank Securities, J.P. Morgan, US Bancorp, BofA Securities,
BNP PARIBAS, Mizuho, Morgan Stanley and RBC Capital Markets act as joint
book-runners of the offering.
On Monday, AvalonBay's stock closed at $177.74, down by 0.11 percent or 20
cents.
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