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Mid-America Apartments closes $1.25 billion restated revolver due 2026
By Marisa Wong
Los Angeles, July 27 – Mid-America Apartments, LP, the operating partnership of Mid-America Apartment Communities, Inc., entered into a fourth amended and restated credit agreement on July 25 for an up to $1.25 billion unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.
The revolver includes a $75 million sub-limit for letters of credit and a $125 million sub-limit for swingline borrowings.
The credit agreement contains an accordion feature that allows the company to increase the total amount to $2 billion.
The credit agreement is scheduled to mature on Oct. 15, 2026 and includes two six-month extension options, subject to an extension fee of 6.25 basis points.
Borrowings will bear interest at adjusted SOFR plus an applicable margin ranging from 70 bps to 140 bps, based on the operating partnership’s investment-grade rating.
The agreement contains financial covenants relating to unencumbered leverage ratio, total leverage ratio, total secured leverage ratio and adjusted consolidated EBITDA to consolidated fixed charges ratio.
The operating partnership intends to use proceeds for general corporate purposes, including repayment of debt and backstopping any notes that it may issue under its unsecured commercial paper program.
Wells Fargo Bank, NA is the administrative agent.
Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc. and JPMorgan Chase Bank, NA are joint lead arrangers and joint bookrunners.
KeyBank NA and JPMorgan are co-syndication agents.
Truist Bank, U.S. Bank NA, PNC Bank, NA, Citibank, NA, TD Bank, NA and Mizuho Bank, Ltd. are co-documentation agents.
Mid-America Apartments is a Germantown, Tenn.-based real estate investment trust.
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