AvalonBay plans to offer senior notes via three bookrunners

By Mary-Katherine Stinson

Lexington, Ky., Nov. 28 – AvalonBay Communities, Inc. intends to sell senior notes via three bookrunners, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will have a make-whole call followed by a par call some months before the maturity date.

Goldman Sachs & Co. LLC, Truist Securities Inc. and Wells Fargo Securities, LLC are the bookrunners.

Bank of New York Mellon is the trustee.

Goodwin Procter LLP will act as counsel for AvalonBay. McDermott Will & Emery LLP is counsel for the underwriters.

Proceeds will be used for identified and prospective land acquisitions, the development and redevelopment of apartment communities, the acquisition of communities and working capital and general corporate purposes, which may include the repayment of outstanding debt under the commercial paper program or credit facility.

The manager and developer of apartment communities is based in Arlington, Va.

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