AvalonBay to use note, loan proceeds to redeem 3.625%, 3.95% notes

Chicago, Feb. 10 – AvalonBay Communities, Inc. plans to use proceeds from a new note offering and borrowings from the company’s revolving credit facility to fund redemptions of two series of notes, according to a 424B5 filing with the Securities and Exchange Commission on Monday.

The company plans to use the funds to redeem its $400 million of 3.625% notes due Oct. 1, 2020 and the its $250 million 3.95% notes due Jan. 15, 2021.

The company will redeem the notes at the relevant make-whole amount.

Notice for the redemptions is expected to be given in February.

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

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