AvalonBay Communities, Inc.’s $1 Billion At-the-Market Offering

Davis Polk advised the forward purchasers and forward sellers in connection with an at-the-market forward underwriting program for the offer and sale of shares of common stock of AvalonBay Communities, Inc. from time to time having an aggregate offering price of up to $1 billion.

J.P. Morgan Securities LLC, Barclays Capital Inc., BTIG, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, Jefferies LLC, RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC acted as underwriters in the deal.

Wells Fargo Securities, LLC, Barclays Capital Inc. and J.P. Morgan Securities LLC acted as forward purchaser in the deal.

AvalonBay Communities, Inc. develops, redevelops, acquires, owns and operates multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest and Northern and Southern California.

Goodwin Procter LLP, Boston, Massachusetts acted as legal counsel to AvalonBay Communities.
O’Melveny & Myers LLP, San Francisco acted as legal counsel to the sales agents.
Davis Polk & Wardwell LLP, New York, New York has advised the forward purchasers with respect to the forward sale agreements.

The Davis Polk equity derivatives team included partners Mark M. Mendez (Picture) and Mark J. DiFiore and associate Justin Lashley.

The O’Melveny & Myers LLP team was led by Peter Healy and included counsel Paul Porter, associate Sydney Ryan, and on the tax side, Art and Alex Roberts.

Involved fees earner: Mark DiFiore – Davis Polk & Wardwell; Justin Lashley – Davis Polk & Wardwell; Mark Mendez – Davis Polk & Wardwell; Peter Healy – O’Melveny & Myers LLP; Paul Porter – O’Melveny & Myers LLP; Alexander Roberts – O’Melveny & Myers LLP; Sydney Ryan – O’Melveny & Myers LLP;

Law Firms: Davis Polk & Wardwell; O’Melveny & Myers LLP;

Clients: Barclays Capital ; BB&T Capital Markets; BNY Mellon; Citigroup Global Markets Ltd; Deutsche Bank Securities; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley; PNC Capital Markets LLC; RBC Capital Markets; Samuel A. Ramirez & Company, Inc.; Scotia Capital Inc.; SunTrust Robinson Humphrey, Inc.; TD Securities; U.S. Bancorp Investments; Wells Fargo Securities;

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Author: Ambrogio Visconti