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AvalonBay Communities to price two-tranche sale of fixed-rate notes
By Devika Patel
Knoxville, Tenn., Sept. 26 – AvalonBay Communities, Inc. intends to conduct a two-tranche offering of fixed-rate medium-term notes, according to a 424B5 filing with the Securities and Exchange Commission.
The notes will have a make-whole call followed by a par call.
Barclays and BofA Merrill Lynch are the bookrunners.
Proceeds will be used to reduce debt under AvalonBay’s $1.5 billion unsecured revolving credit facility and for general corporate purposes.
The manager and developer of apartment communities is based in Arlington, Va.
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