AvalonBay Communities Enters into $650 Million Credit Facility Agreement.ALEXANDRIA, Va. -- AvalonBay Communities, Inc. (NYSE NYSE See: New York Stock Exchange :AVB) announced today that it entered into a new $650 million revolving variable rate unsecured credit facility ("Facility"). The Facility replaces a prior credit facility in the amount of $500 million. The Facility initially bears interest based on the London Interbank Offered Rate London Interbank Offered Rate A short-term interest rate often quoted as a 1,3,6-month rate for U.S.dollars. ("LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). ") plus a spread of 0.4%, but the rate can be higher or lower based on credit conditions. The Facility carries an annual facility fee of 0.125%, may be increased to $1 billion and has a term of four years with a one-year extension period. JPMorgan Chase Bank, N.A., and Wachovia Bank, N.A. served together as the syndication agents with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A., serving as administrative agent, swing lender, and issuing bank. About AvalonBay Communities As of September 30, 2006, AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, owned or held an ownership interest in 163 apartment communities containing 47,445 apartment homes in ten states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , of which 17 communities were under construction and four communities are under reconstruction. AvalonBay is in the business of developing, redeveloping, acquiring, and managing apartment communities in high barrier-to-entry markets of the United States. More information on AvalonBay may be found on AvalonBay's Web site at http://www.avalonbay.com. Copyright [c] 2006 AvalonBay Communities, Inc. All Rights Reserved |
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