AvalonBay redeems $450 million of 2.95% notes due 2022

By Wendy Van Sickle

Columbus, Ohio, Sept. 15 – AvalonBay Communities, Inc. redeemed all of its $450 million principal amount outstanding of 2.95% medium-term notes due 2022, according to a company release.

The company redeemed the notes on Sept. 11 for a total redemption amount of $468,637,249, which was equal to par plus accrued interest plus a make-whole premium.

The redemption was funded from available cash and credit facility borrowings.

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

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