Mid-America Apartments to repay revolver, credit facility via notes

By Tali Rackner

Norfolk, Va., June 10 – Mid-America Apartments, LP plans to use the proceeds from a senior notes offering to repay all borrowings under its $200 million secured credit facility with the Federal Home Loan Mortgage Corp. and repay substantially all borrowings outstanding under its $500 million revolving credit facility, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds will also be used for general corporate purposes, which may include the acquisition and development of apartment communities, the improvement of apartment communities and the repayment of debt.

As of June 1, there were about $198.2 million of borrowings outstanding under the secured credit facility.

Also as of June 1, there were no borrowings outstanding under the revolver, but the company expects to borrow about $198 million on or before June 15.

The bank and financial services company is based in London.

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