AVB - AvalonBay Communities prices $400 million senior notes offering
2023-12-05 06:04:47 ET
- AvalonBay Communities ( NYSE: AVB ) has priced public offering of $400M of 5.300% senior unsecured notes due 2033 at issue price of 99.939%.
- Closing date is December 7, 2023.
- The effective interest rate of the notes is 5.098%, including the impact of prior interest rate hedges, but excluding offering costs.
- Interest on the Notes will be paid semi-annually on June 7 and December 7, with the first payment to be made on June 7, 2024. The Notes will mature on December 7, 2033, unless earlier redeemed.
- The net proceeds of ~396.2M will be used for identified and prospective land acquisitions, the development and redevelopment of apartment communities, the acquisition of communities, funding of its structured investment program investments, and working capital and general corporate purposes
- Source: Press Release
For further details see:
AvalonBay Communities prices $400 million senior notes offering