Avalonbay Communities (AVB) to Offer 14.5M Shares
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Avalonbay Communities, Inc. (NYSE: AVB) commenced an underwritten public offering of 14,500,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to 2,175,000 additional shares of common stock.
The Company expects to use the net proceeds from the offering 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 from Lehman Brothers Holdings Inc. (the “Archstone Acquisition”), to fund the cash consideration due in connection with the Archstone Acquisition, and to fund the fees, costs and expenses related thereto. If the Archstone Acquisition does not occur, the Company intends to use the net proceeds from the offering for general corporate purposes.
The Company expects to use the net proceeds from the offering 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 from Lehman Brothers Holdings Inc. (the “Archstone Acquisition”), to fund the cash consideration due in connection with the Archstone Acquisition, and to fund the fees, costs and expenses related thereto. If the Archstone Acquisition does not occur, the Company intends to use the net proceeds from the offering for general corporate purposes.
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