Summary
AvalonBay Communities, Inc. (AVB) announced on April 14, 2004, the pricing of a $150 million public offering of 5.375% Medium Term Notes due 2014. The notes will mature on April 15, 2014, with semi-annual interest payments on April 15 and October 15. The company expects to receive net proceeds of approximately $148 million from this offering. The primary use of the net proceeds will be to reduce outstanding indebtedness under its unsecured credit facility, with any remaining funds allocated for other general corporate purposes. This debt issuance aims to strengthen the company's balance sheet by deleveraging its credit facility and potentially improving its financial flexibility. Settlement for the offering is scheduled for April 21, 2004.
Key Highlights
- 1AvalonBay Communities, Inc. priced a $150 million public offering of 5.375% Medium Term Notes.
- 2The notes have a maturity date of April 15, 2014.
- 3Interest on the notes is payable semi-annually on April 15 and October 15.
- 4Net proceeds from the offering are estimated to be approximately $148 million.
- 5Proceeds will be used to reduce outstanding indebtedness under the company's unsecured credit facility.
- 6Remaining proceeds will be used for other corporate purposes.
- 7Settlement of the offering is scheduled for April 21, 2004.