MAA Announces Closing of $150M Unsecured Term Loan

MAA MAA today announced the closing of a $150 million unsecured term loan agreement. The loan has a five-year term and a variable interest rate of LIBOR plus a spread of 1.40% to 2.15%, depending on the company's leverage levels. At the time MAA obtains an additional investment grade rating, the term loan will bear a variable interest rate of LIBOR plus a spread of 1.10% to 2.05%, based upon the company's investment grade rating. Covenants for the term loan mirror MAA's recently closed $250 million unsecured credit facility. Proceeds from the term loan will be used to repay outstanding balances on a secured line of credit.