AVALONBAY COMMUNITIES, INC. (NYSE:AVB) (the “Company”) announced today that it priced an underwritten public offering of $400 million of 5.300% senior unsecured notes due 2033 (the “Notes”). The offering is expected to close on December 7, 2023, subject to the satisfaction of customary closing conditions.
Details of the offering are set forth in the table below:
|
|
Principal Amount |
Maturity Date |
Issue Price |
Coupon Rate |
Yield to Investors |
|
5.300% Senior Notes due 2033 |
$400 Million |
December 7, 2033 |
99.939% |
5.300% |
5.308% |
The effective interest rate of the Notes is 5.098%, including the impact of prior interest rate hedges, but excluding offering costs.
Interest on the Notes will be paid semi-annually on June 7 and December 7, with the first payment to be made on June 7, 2024. The Notes will mature on December 7, 2033, unless earlier redeemed.
