New Issue: Mid-America Apartments prices $400 million 3.75% notes due 2024 at 125 bps spread

By Aleesia Forni

Virginia Beach, June 10 – Mid-America Apartments LP priced $400 million of 3.75% 10-year notes (Baa2/BBB/BBB) at 125 basis points over Treasuries on Tuesday, according to a market source and a FWP filed with the Securities and Exchange Commission.

Pricing was at 98.873 to yield 3.887%.

The notes sold at the tight end of the Treasuries plus 130 bps talk.

J.P. Morgan Securities LLC, Jefferies LLC, Wells Fargo Securities LLC and U.S. Bancorp Investments Inc. were the joint bookrunners.

Proceeds will be used to repay borrowings under the company’s revolving credit facilities and for general corporate purposes.

Mid-America Apartments is a Memphis-based real estate investment trust.

Issuer:	Mid-America Apartments LP
Amount:	$400 million
Description:	Senior notes
Maturity:	June 15, 2024
Bookrunners:	J.P. Morgan Securities LLC, Jefferies LLC, Wells Fargo Securities LLC, U.S. Bancorp Investments Inc.
Co-managers:	Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., BB&T Capital Markets, BMO Capital Markets Corp., Capital One Securities, Inc., Fifth Third Securities, Inc., Regions Securities LLC
Coupon:	3.75%
Price:	98.873
Yield:	3.887%
Spread:	Treasuries plus 125 bps
Make-whole call:	Treasuries plus 20 bps prior to March 15, 2024, then callable at par
Trade date:	June 10
Settlement date:	June 13
Ratings:	Moody’s: Baa2
	Standard & Poor's: BBB
	Fitch: BBB
Distribution:	SEC registered
Price talk:	Treasuries plus 130 bps area

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