By Connor Hart
AvalonBay Communities entered into a $2.5 billion revolving credit facility, replacing an older facility that was set to expire next year.
Under the terms of the facility, the real-estate investment trust can elect to increase the facility by up to an additional $500 million, assuming one or more banks agree to provide the additional commitment, it said Friday.
The company--which engages in the development, acquisition, ownership and operation of multifamily communities--worked with Bank of America, JPMorgan Chase Bank and Wells Fargo Bank in securing the new facility.
The facility will replace AvalonBay's prior $2.25 billion facility, which it reached in September 2022 and was set to expire next year. There were no borrowings outstanding under the facility as of Thursday, the company said.
AvalonBay additionally entered into a $450 million term-loan agreement, having partnered with Truist Bank, Mizuho Bank and TD Bank. The loan is expected to mature on April 3, 2029, and term loans are available to be borrowed until Oct. 3, 2025, the company said.
Under its terms, the company can elect to increase the facility by up to an additional $100 million, once again assuming one or more banks agree to provide the additional commitment.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 04, 2025 18:06 ET (22:06 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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