AvalonBay CommunitiesInc. on May 11 settled a public offering of $475.0 million principalamount of 2.95% medium-term notes due 2026.
The company will use the aggregate net proceeds of approximately$471.2 million to reduce outstanding debt on its $1.5 billion unsecured revolvingcredit facility, a portion of which was used for the repayment and refinancing ofother indebtedness, and for general corporate purposes, possibly including the acquisition,development and redevelopment of apartment communities.
The notes bear interest from May 11, with interest payable semiannuallyon May 15 and Nov. 15, beginning Nov. 15. The notes will mature May 11, 2026.