AvalonBay Communities Prices $300 Million Unsecured Notes Offering
November 12 2014 - 04:42PM
Business Wire
AvalonBay Communities, Inc. (NYSE: AVB) (the “Company”)
announced today that it priced a $300 million offering of unsecured
notes (the “Notes”) with a maturity of November 15, 2024 under its
existing shelf registration statement. Details of the transaction
are set forth in the table below:
Principal
Amount
Maturity
Date
Issue
Price
Coupon
Rate
Yield to
Investors
3.500% Medium Term Notes due November 15,
2024
$300 Million November 15, 2024 99.251% 3.500% 3.590%
Interest on the Notes will be paid semi-annually on May 15 and
November 15, with the first payment to be made on May 15, 2015.
Settlement is scheduled for November 21, 2014.
The Company expects to use the net proceeds, after estimated
issuance costs, of approximately $295 million from the sale of the
Notes for working capital, capital expenditures and other general
corporate purposes, which may include development, redevelopment
and acquisition of apartment communities and repayment and
refinancing of existing debt. Pending the application of the net
proceeds as described above, the Company may invest the net
proceeds in short-term, interest-bearing, investment-grade
securities.
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.
Morgan Stanley & Co. LLC and UBS Securities LLC are acting
as lead representatives of the agents for the Notes offering. The
pricing supplement, prospectus supplement and related prospectus
will be filed with the Securities and Exchange Commission. The
pricing supplement, prospectus supplement and accompanying base
prospectus relating to the offering may be obtained by contacting:
Morgan Stanley & Co. LLC, Attn: Morgan Stanley Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014 and
UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attn:
Prospectus Specialist, telephone: (877) 827-6444, ext. 5613884.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Notes in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Any offer or sale will be
made only by means of the pricing supplement and the related
prospectus supplement and prospectus, and, to the extent
applicable, a free writing prospectus, which has been or will be
filed with the Securities and Exchange Commission.
About AvalonBay
Communities
As of September 30, 2014, the Company owned or held a direct or
indirect ownership interest in 274 apartment communities containing
82,333 apartment homes in eleven states and the District of
Columbia, of which 27 communities were under construction and six
communities were under reconstruction. The Company is an equity
REIT in the business of developing, redeveloping, acquiring and
managing apartment communities in high barrier-to-entry markets of
the United States.
Copyright © 2014 AvalonBay Communities, Inc.
All Rights Reserved
AvalonBay Communities, Inc.Kevin P. O’SheaChief Financial
Officer703-317-4654
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