AvalonBay closes $400M 5.350% Senior Notes due 2034, net proceeds ~$395.2M

AVALONBAY COMMUNITIES INC

Closed public offering of $400M principal amount of 5.350% Senior Notes due 2034.
Net proceeds estimated at $395.2M after underwriting discount and expenses.
Interest payable semi-annually on June 1 and December 1, starting Dec 1, 2024; maturity June 1, 2034.
Proceeds to fund acquisitions, development, working capital, and possible repayment of commercial paper or credit facility.
Underwriting syndicate led by BofA Securities, PNC Capital Markets, RBC Capital Markets, and TD Securities.

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