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MAA's operating partnership prices offering of USD300m senior notes due 2029.

M2 EQUITYBITES-February 27, 2019-MAA's operating partnership prices offering of USD300m senior notes due 2029


Mid-America Apartment Communities Inc (NYSE:MAA) revealed on Tuesday that its operating partnership, Mid-America Apartments LP (MAALP), priced an offering of USD300m of its 3.950% senior unsecured notes due 2029.

These notes were priced at 99.720% of the principal amount and the offering will close on 7 March 2019, subject to the satisfaction of customary closing conditions.

Net proceeds will be used by MAALP to partly repay the outstanding borrowings under its USD1bn revolving credit facility and for general corporate purposes that may include without limitation, the repayment of other debt and the acquisition, development and redevelopment of apartment communities.

The joint book-running managers are Wells Fargo Securities LLC, Citigroup Global Markets Inc, Jefferies LLC, JP Morgan Securities LLC, US Bancorp Investments Inc and Mizuho Securities USA LLC for the offering being made under an effective registration statement filed earlier with the US Securities and Exchange Commission.

A real estate investment trust, MAA owns, manages, acquires, develops and redevelops quality apartment communities in the US. As of 31 December 2018, it ownership interest in 101,441 apartment units, including communities currently in development, across 17 states and the District of Columbia.

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Publication:M2 EquityBites (EQB)
Date:Feb 27, 2019
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