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AvalonBay Communities Inc Prices $250 Million Unsecured Notes Offering


Wednesday, 5 Dec 2012 07:06pm EST 

AvalonBay Communities Inc announced that it priced a $250 million offering of unsecured notes with a maturity of 2023 under its existing shelf registration statement. Interest on the notes will be paid semi-annually on March 15 and September 15, with the first payment to be made on March 15, 2013, with interest from the settlement date. Settlement is scheduled for December 14, 2012. The Company expects to use the net proceeds from the offering of approximately $246,425,000 million net of underwriting fees and estimated expenses for general corporate purposes, which may include the repayment of a portion of the debt that the Company expects to assume in connection with its previously announced pending acquisition of certain assets of Archstone Enterprise LP (the “Archstone Acquisition”), or to repay a portion of its current outstanding secured indebtedness. The offering is being made pursuant to an automatic shelf registration statement that became effective upon filing with the Securities and Exchange Commission on February 27, 2012. Goldman, Sachs & Co., Barclays, BofA Merrill Lynch, Deutsche Bank Securities, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities acted as joint book-running managers for the offering. BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC and SunTrust Robinson Humphrey acted as co-managers for the offering. 

Company Quote

145.0
0.0 +0.00%
22 Sep 2014