secwatch.observer — SEC 8-K summary
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Issuer:     AVALONBAY COMMUNITIES INC (AVB)
CIK:        0000915912
Form:       8-K
Filed at:   2022-09-29T23:59:59+00:00
Accession:  0001104659-22-104180
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/915912/000110465922104180/0001104659-22-104180-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/915912/000110465922104180/tm2226851d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-104180

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