Market Overview

AvalonBay Prices 14.5M Share Common Stock Offering at $130/Share

AvalonBay Communities, Inc. (NYSE: AVB) announced Wednesday the
pricing of a public offering of 14,500,000 shares of common stock at
$130.00. The Company has also granted the underwriters a 30-day option
to purchase up to an additional 2,175,000 shares. Settlement of the sale
will occur on December 5, 2012.

The Company expects to use the net proceeds from the offering of
approximately $1.8 billion net of underwriting fees and estimated
expenses to repay a portion of the debt that the Company will assume in
connection with its previously announced pending acquisition of certain
assets of Archstone Enterprise LP (the “Archstone Acquisition”), to fund
the cash consideration due in connection with the Archstone Acquisition,
and to

See full press release

Posted-In: News Guidance Management

 

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