AvalonBay Expands Credit Facility to $1B

AvalonBay Communities Inc., an apartment development and management company based in Alexandria, Va., has expanded its revolving variable-rate unsecured credit facility from $650 million to $1 billion.The credit facility currently 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 LIBOR spread can vary from 32.5 to 100 bps, the company said. AvalonBay can be found online at http://www.avalonbay.com.