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Article: AvalonBay Communities Commences $500 Million Medium-Term Notes Offering.
- Article from:
- Investment Weekly News
- Article date:
- September 26, 2009
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AvalonBay Communities, Inc. (NYSE:AVB) ("AvalonBay") announced that it had commenced a $500 million offering of medium-term unsecured notes under its existing shelf registration statement. The offering consists of two separate $250 million tranches with maturities in 2017 and 2020.
Interest on the 2017 notes and the 2020 notes will be paid semi-annually. These notes are expected to be rated Baa1 by Moody's Investors Service and BBB+ by Standard & Poor's. Settlement is scheduled for September 11, 2009.
AvalonBay intends to use the net proceeds of approximately $495,800,000, after underwriting discounts and other transaction-related expenses, in part to ...