AvalonBay Communities, Inc. finalized a public issuance of $400 million in 5.000% Senior Notes, which are set to mature in August 2035. This offering was executed under the company's existing Form S-3 shelf registration statement.
The effective interest rate of the notes is 5.05%, including the impact of offering costs and hedging activity. This financing move is part of AvalonBay's long-term capital financing strategy, aimed at maintaining a robust balance sheet.
The proceeds from this offering will be utilized to support the company's ongoing development pipeline and strategic acquisitions. This demonstrates AvalonBay's continued ability to access capital markets to fund its growth initiatives.
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