MAA Completes $135 Million Senior Unsecured Notes Offering

MAA MAA announced today that the company and its operating partnership, Mid-America Apartments, L.P., have completed an issuance of $135 million of Senior Unsecured Notes. The notes were offered in a private placement with three maturity tranches: $50.00 million 7-year maturity at 4.68%, $72.75 million 10-year maturity at 5.40%, and $12.25 million 12-year maturity at 5.57%. The total $135.00 million issuance represents a weighted average term of 9.1 years and a weighted average interest rate of 5.15%. The company plans to use the proceeds to repay an $80 million portion of outstanding indebtedness under its Federal National Mortgage Association Credit Facilities and for general corporate purposes.