AvalonBay ups revolver to $2.5B, adds $450M term loan, CP program to $1B

AVALONBAY COMMUNITIES INC

Seventh Amended Revolver: $2.5B (up from $2.25B), matures 3-Apr-2030, accordion to $3.0B; spread SOFR+0.725%.
$450M term loan facility matures 3-Apr-2029, fully hedged via swaps to fixed 4.47% effective rate.
Commercial paper program increased from $500M to $1.0B, backstopped by revolver capacity.
No outstanding borrowings under either facility as of 3-Apr-2025.
Covenants unchanged: total debt/capitalization, EBITDA/debt service, secured leverage, unsecured/asset value.

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