By Cristal Cody
Tupelo, Miss., May 8 – AvalonBay Communities, Inc. priced $600 million of 2.45% medium-term notes due Jan. 15, 2031 (A3/A-) on Friday at a spread of Treasuries plus 182 basis points, according to a market source.
Initial price talk was in the Treasuries plus 225 bps area with guidance tightened to the 185 bps area, plus or minus 3 bps.
BofA Securities Inc., Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to redeem AvalonBay’s $300 million floating-rate notes due 2021 and for general corporate purposes.
The manager and developer of apartment communities is based in Arlington, Va.
| Issuer: | AvalonBay Communities, Inc.
|
| Amount: | $600 million
|
| Description: | Medium-term notes
|
| Maturity: | Jan. 15, 2031
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC
|
| Coupon: | 2.45%
|
| Spread: | Treasuries plus 182 bps
|
| Trade date: | May 8
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 185 bps area, plus or minus 3 bps; initial talk at Treasuries plus 225 bps area
|
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