AvalonBay Communities Announces Completion of Green Bond Offering
18 Novembre 2021 - 10:15PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
announced today that on November 18, 2021 it completed an
underwritten public offering of $400 million aggregate principal
amount of 1.900% senior notes due 2028 (the “2028 Notes”). Details
of the offering are set forth in the table below:
Principal Amount Maturity Date Issue
Price Coupon Rate Yield to Investors 1.900% Notes due 2028
$400 million December 1, 2028 99.869% 1.900% 1.920%
The effective interest rate of the 2028 Notes is 2.037%,
including the impact of offering costs.
Interest on the 2028 Notes will be paid semi-annually on June 1
and December 1, with the first payment to be made on June 1, 2022.
The 2028 Notes will mature on December 1, 2028 unless earlier
redeemed.
The Company expects to allocate the net proceeds, after
deducting the underwriting discount and estimated offering
expenses, of approximately $396.2 million from the sale of the 2028
Notes to finance or refinance, in whole or in part, one or more new
or existing eligible green projects. Pending such allocation, the
Company may use the net proceeds from the offering for general
corporate purposes, which may include the acquisition, development
and redevelopment of apartment communities and repayment and
refinancing of other indebtedness, including the repayment of
outstanding indebtedness under its $1,750,000,000 revolving
variable rate unsecured credit facility. Pending such uses, the
Company may temporarily invest all or a portion of the net proceeds
from the offering in cash or cash equivalents and/or hold such
proceeds in accordance with its internal liquidity policy.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the federal securities laws, including Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which include, but are
not limited to, statements related to the intended use of the net
proceeds from the offering. The Company intends these
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and is including this
statement for purposes of complying with those safe harbor
provisions, in each case, to the extent applicable. The Company
cautions investors that any such forward-looking statements are
based on current beliefs or expectations of future events and on
assumptions made by, and information currently available to,
management. You can identify forward-looking statements by the use
of the words “believe,” “expect,” “anticipate,” “intend,”
“estimate,” “assume,” “project,” “plan,” “may,” “shall,” “will,”
“pursue” and other similar expressions in this press release, that
predict or indicate future events and trends and that do not report
historical matters. Such forward-looking statements are subject to
various risks and uncertainties, including, among others, those
related to the COVID-19 pandemic; the Company’s ability to finance
or refinance eligible green projects; the availability of debt and
equity financing; and the trends affecting the Company’s financial
condition or results of operations. These factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are described under the sections
entitled “Forward-Looking Statements” and “Risk Factors” in the
Company's Annual Report on Form 10-K for the year ended December
31, 2020, as such factors may be updated from time to time in the
Company’s periodic filings with the Securities and Exchange
Commission (the “SEC”), which are accessible on the SEC’s website
at www.sec.gov. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially
from those indicated in these statements. The forward-looking
statements speak only as of the date of this press release, and the
Company expressly disclaims any obligation or undertaking to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except to the extent otherwise required by law.
About AvalonBay Communities, Inc.
As of September 30, 2021, the Company owned or held a direct or
indirect ownership interest in 293 apartment communities containing
87,416 apartment homes in 13 states and the District of Columbia,
of which 17 communities were under development and one community
was under redevelopment. The Company is an equity REIT in the
business of developing, redeveloping, acquiring, and managing
apartment communities in leading metropolitan areas in New England,
the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific
Northwest, and Northern and Southern California, as well as in the
Company's expansion markets of Raleigh-Durham and Charlotte, North
Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver,
Colorado. More information may be found on the Company’s website at
http://www.avalonbay.com.
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Jason Reilley Vice President Investor Relations AvalonBay
Communities, Inc. 703-317-4681
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