AvalonBay closes $350M public offering of 5.000% Senior Notes due 2033

AVALONBAY COMMUNITIES INC

$350M principal of 5.000% Senior Notes due 2033 issued; closing on December 7, 2022.
Net proceeds estimated at $345.5M after underwriting discount and expenses.
Proceeds for land acquisitions, development/redevelopment, working capital, and possible repayment of commercial paper or credit facility.
Underwriters: Goldman Sachs & Co. LLC, Truist Securities, Inc., and Wells Fargo Securities, LLC.
Notes are senior unsecured, ranking equally with existing unsecured debt; effectively subordinated to secured debt.

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