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AvalonBay Communities talks $650 million of notes due 2030 at Treasuries plus 95 bps area
By Cristal Cody
Tupelo, Miss., Feb. 10 – AvalonBay Communities, Inc. is offering $650 million of 10-year medium-term notes (A3/A-) on Monday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
Initial price talk on the notes due March 1, 2030 is in the Treasuries plus 95 basis points area.
Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the bookrunners.
Proceeds will be used to redeem the company’s $400 million of outstanding 3.625% notes due Oct. 1, 2020 and $250 million outstanding of 3.95% notes due Jan. 15, 2021.
The manager and developer of apartment communities is based in Arlington, Va.
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