Mid-America Apartments gets needed consents to amend Colonial notes

By Marisa Wong

Madison, Wis., Nov. 26 - Mid-America Apartment Communities, Inc. operating partnership Mid-America Apartments, LP said it received tenders for 80.24% of the 6.25% senior notes due 2014, 90.57% of the 5.5% senior notes due 2015 and 90.54% of the 6.05% senior notes due 2016 issued by Colonial Realty LP as of 5 p.m. ET on Nov. 25, the early participation and consent date of its previously announced exchange offer.

Mid-America Apartments, LP is offering new 6.25% senior notes due 2014, 5.5% senior notes due 2015 and 6.05% senior notes due 2016 issued by Mid-America Apartments in exchange for the notes issue by Colonial Realty. Colonial is a wholly owned subsidiary of Mid-America Apartments.

The company also is soliciting consents to amend the note indenture to

• Allow for the satisfaction of Colonial's reporting obligations under the note terms to be satisfied through the filing of annual reports, quarterly reports and other documents of Mid-America;

• Remove substantially all of the restrictive covenants and some affirmative covenants; and

• Eliminate an event of default.

Based on the tenders received as of the early deadline, the company said it received the required consents to amend the indentures governing the existing notes.

Holders who tendered their notes by the consent deadline will receive the exchange payment plus an early premium.

Those who tender after the consent date will not receive the early premium.

The exchange offers will end at 11:59 p.m. ET on Dec. 10.

As noted before, the exchange offers are conditioned on the receipt of consents from the holders of a majority of the outstanding principal amount of each series of notes.

D.F. King & Co., Inc. (800 967-4607, 212 269-5550 collect or access the letter of eligibility at dfking.com/CRLP) is the information agent.

Mid-America is a Memphis-based real estate investment trust. The company began the offer on Nov. 12.

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