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AvalonBay nets $296M in medium-term notes offering

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AvalonBay nets $296M in medium-term notes offering

AvalonBay Communities Inc. closed a public offering of $300 million of its 4.35% medium-term notes due April 15, 2048.

The residential apartment real estate investment trust will use the roughly $296.2 million of net proceeds from the offering to pay down debt under its $1.5 billion revolving credit facility and for general corporate uses, including the acquisition, development and redevelopment of apartment communities.

UBS Securities LLC and Merrill Lynch Pierce Fenner & Smith Inc. acted as representatives for the agents in the offering.