Mid-America Apartments plans tap of 3.95% senior notes due 2029

By Devika Patel

Knoxville, Tenn., Aug. 5 – Mid-America Apartments, LP is eyeing an additional sale of its 3.95% senior notes due March 15, 2029, according to a 424B5 filed with the Securities and Exchange Commission.

The company’s original $275 million of the notes priced on Feb. 26 and settled on March 7.

The previous notes were issued at 99.72 to yield 3.984% with a spread of 135 basis points over Treasuries.

The notes have a make-whole call at Treasuries plus 25 bps until Dec. 15, 2028 and then are callable at par.

Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies & Co., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Mizuho Securities USA Inc. are the bookrunners.

Proceeds will be used to repay a portion of the outstanding borrowings under the company’s $500 million unsecured commercial paper program and for general corporate purposes.

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

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