AvalonBay Prices $400 Mln, 5.300% Sr. Notes Offering

(RTTNews) - 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.