AvalonBay intends to price $400 million 10-year notes Wednesday

By Aleesia Forni

Virginia Beach, May 6 – AvalonBay Communities, Inc. is in the market with a $400 million offering of 10-year medium-term notes on Wednesday, according to a market source and a 424B2 filing with the Securities and Exchange Commission.

Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

Proceeds will be use to reduce debt under a $1.3 billion unsecured revolving credit facility and for general corporate purposes.

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

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