AvalonBay Enters Into $650M Facility

AvalonBay Communities Inc., an apartment development and management company based in Alexandria, Va., has entered into a new revolving variable-rate unsecured credit facility totaling $650 million.The credit facility, which replaces a $500 million facility, initially bears interest at 40 basis points above the London interbank offered rate, but the rate can be higher or lower based on credit conditions, AvalonBay said. The syndication agents were JPMorgan Chase Bank NA and Wachovia Bank NA. AvalonBay can be found online at http://www.avalonbay.com.