AvalonBay Communities Announces $500 Million Commercial Paper Note Program
15 März 2022 - 9:15PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
announced today that it established a $500 million unsecured
commercial paper note program in the United States.
Under the terms of the program, the Company may issue, from time
to time, unsecured commercial paper notes up to a maximum aggregate
amount outstanding at any one time not to exceed $500 million. The
notes will be sold under customary terms in the United States
commercial paper note market and will be at least equal in right of
payment with all of the Company’s other unsubordinated and
unsecured indebtedness. The Company expects to use the proceeds of
the notes for general corporate purposes.
The notes to be offered under the commercial paper note program
have not been and will not be registered under the Securities Act
of 1933, as amended (the “Act”), or any other applicable securities
law, and offers and sales thereof may be made only in compliance
with an applicable exemption from the registration requirements of
the Act and any applicable state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the notes under the Company’s
commercial paper program.
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 Company’s ability to
complete the issuance and sale of the notes and the intended use of
proceeds. You can identify forward-looking statements by the use of
the words such as “expects,” “plans,” “estimates,” “anticipates,”
“projects,” “intends,” “believes,” “outlook” and similar
expressions that do not relate to historical matters. These
forward-looking statements are based on the Company’s expectations,
forecasts and assumptions at the time of this release, which may
not be realized and involve risks and uncertainties that cannot be
predicted accurately or that might not be anticipated. These could
cause actual results to differ materially from those expressed or
implied by the forward-looking statements. Risks and uncertainties
that might cause such differences include, among others, those
related to the COVID-19 pandemic and 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 factors that are discussed in the Company’s filings with
the Securities and Exchange Commission, including the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2021 under the headings “Risk Factors” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations -
Forward-Looking Statements” and in subsequent Quarterly Reports on
Form 10-Q. 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 required by
law.
About AvalonBay Communities, Inc.
As of December 31, 2021, the Company owned or held a direct or
indirect ownership interest in 297 apartment communities containing
87,992 apartment homes in 12 states and the District of Columbia,
of which 19 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.
Copyright © 2022 AvalonBay Communities, Inc.
All Rights Reserved
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Jason Reilley Vice President Investor Relations AvalonBay
Communities, Inc. 703-317-4681
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