Mid-America Apartments to pay down two facilities via note proceeds

By Wendy Van Sickle

Columbus, Ohio, Nov. 2 – Mid-America Apartments, LP plans to repay all borrowings under its $750 million revolving credit facility and about $81 million of debt outstanding under its $360 million secured credit facility with the Federal National Mortgage Association with proceeds from a senior note offering, according to a filing with the Securities and Exchange Commission.

As of Oct. 31, about $321 million was outstanding under the $360 million facility, which has variable interest, currently at 81 basis points per year.

About $404 million was drawn under the revolver at Oct. 31. Its interest also varies and is presently at 119 bps a year. It matures April 15, 2020 and has a six-month extension option. Borrowings under the revolver were used for general corporate purposes, including the acquisition and development of apartment communities, the improvement of apartment communities and the repayment of debt.

Mid-America may also use some proceeds from the senior note offering for general corporate purposes.

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

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