By Andrea Heisinger
New York, Dec. 5 - AvalonBay Communities, Inc. was in the market Wednesday with a $250 million sale of medium-term notes due 2023 (Baa1/BBB+/) priced at 99.22, according to an FWP filing with the Securities and Exchange Commission.
Complete terms were not available at press time.
Goldman Sachs & Co. was lead bookrunner. J.P. Morgan Securities LLC and UBS Securities LLC assisted on the sale.
Proceeds will be used for general corporate purposes, including repayment of a portion of debt expected to be assumed in connection with the acquisition of the Archstone Portfolio or the repayment of a portion of current outstanding debt.
The manager and developer of apartment communities is based in Arlington, Va.
| Issuer: | AvalonBay Communities, Inc.
|
| Issue: | Medium-term notes
|
| Amount: | $250 million
|
| Maturity: | March 15, 2023
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, UBS Securities LLC
|
| Coupon: | 2.85%
|
| Price: | 99.22
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 14
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
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