Lehman indirect unit to sell AvalonBay common shares at $137 each

By Caroline Salls

Pittsburgh, May 23 - Lehman Brothers Holdings Inc. indirect subsidiary Jupiter Enterprise LP will sell 7.87 million of AvalonBay Communities, Inc. common shares at a price to the public of $137.00 per share, according to an AvalonBay news release.

A total of 14.89 million shares of AvalonBay's common stock was issued to Jupiter Enterprise in connection with AvalonBay's acquisition of a portion of the Archstone apartment community portfolio in February.

Jupiter Enterprise will receive all of the proceeds from the underwritten secondary public offering of the 7.87 million of AvalonBay shares, the release said.

Goldman Sachs & Co. is acting as the underwriter for the offering.

As previously reported, Equity Residential also announced the underwritten at-the-market secondary public offering of 15.07 million of its common shares by Jupiter Enterprise.

The Equity Residential shares are also part of those issued to the Lehman subsidiary in connection with the Archstone acquisition.

Goldman Sachs is acting as the bookrunning manager for the Equity Residential offering.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company emerged from bankruptcy on March 6, 2012.

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