|
|
| AvalonBay Communities Prices an Additional $50 Million Medium-Term Notes Offering |
ALEXANDRIA, Va., Nov. 1 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that it priced a $50 million offering of medium-term notes under its existing shelf registration statement. Interest on the $50 million notes is payable semi-annually on March 15 and September 15, and the notes will mature on September 15, 2011. These notes represent a re-opening of the Company's ten year notes issued in September 2001. The new $50 million issuance, rated Baa1 by Moody's Investors Service and BBB+ by Standard & Poor's, was issued at 103.534% of par value with a coupon of 6.625% and yield to investor of 6.101%. The Company will use a portion of the proceeds of approximately $51.5 million ($50 million face amount of notes, plus 3.534% premium paid less 0.6% underwriting fees) to reduce indebtedness outstanding under the Company's unsecured credit facility and for other corporate purposes. Settlement is scheduled for November 7, 2002. The offering described above is in addition to the $250 million medium- term notes offering priced and announced October 29, 2002. About AvalonBay Communities, Inc. AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 148 apartment communities containing 43,496 apartment homes in eleven states and the District of Columbia, of which fourteen communities are under construction and one community is under reconstruction. AvalonBay is in the business of developing, redeveloping, acquiring and managing luxury apartment communities in high barrier-to-entry markets of the United States. More information on AvalonBay may be found on AvalonBay's Web Site at http://www.avalonbay.com.SOURCE AvalonBay Communities, Inc.
back to topRelated links:
CONTACT:
Thomas J. Sargeant, Executive Vice President
and Chief Financial Officer of AvalonBay Communities, Inc.,
+1-703-317-4635
