AvalonBay Communities Prices $150 Million Medium-Term Notes Offering.Business Editors/Real Estate Writers ALEXANDRIA, Va.--(BUSINESS WIRE)--April 14, 2004 AvalonBay Communities AvalonBay Communities, Inc. (NYSE: AVB) is an Alexandria, Virginia-based public real estate investment trust. The company specializes in acquiring, developing, redeveloping and managing high-quality apartment communities in high barrier-to-entry markets, such as the Northeast, , Inc. (NYSE/PCX:AVB AVB Allgemeine Versicherungsbedingungen AVB Armin Van Buuren (musician) AVB Atrioventricular Block AVB Association Vaincre le Bègaiement AVB Acappella Vocal Band (men's Christian a cappella group) ) announced today that it priced a $150 million offering of medium-term notes under its existing shelf registration statement. Interest on the notes is payable semi-annually on April 15 and October 15 and will mature April 15, 2014. These ten-year notes, rated Baa1 by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. + by Standard & Poor's, were issued at 99.445% of par value with a coupon of 5.375% and yield to investors of 5.448%. The Company will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $148 million, after underwriting discounts and other transaction-related costs, to reduce indebtedness outstanding under the Company's unsecured credit facility and for other corporate purposes. Settlement is scheduled for April 21, 2004. About AvalonBay Communities, Inc. AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 143 apartment communities containing 41,997 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 eleven communities are under construction and two 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) 2004 AvalonBay Communities, Inc. All Rights Reserved |
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