AvalonBay enters $2.25B revolving credit facility maturing 2026, replacing $1.75B facility

AVALONBAY COMMUNITIES INC

Principal amount $2.25B with accordion feature up to $3.0B; maturity Sept 27, 2026 with extension option.
Pricing based on SOFR plus margin of 0.65% to 1.40% depending on credit rating; sustainability-linked adjustments.
No borrowings outstanding at closing; $6.9M used for letters of credit; ~$2.24B available.
Replaces prior $1.75B facility dated Feb 2019, which was set to mature Feb 2024.
Customary financial covenants including leverage and coverage ratios; joint bookrunners JPMorgan, BofA, Wells Fargo.

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