Mid-America Apartments amends $500 million credit facility via KeyBanc

By Toni Weeks

San Luis Obispo, Calif., Aug. 13 - Mid-America Apartments, LP and operating partnership Mid-America Apartment Communities, Inc. entered into a $500 million amended and restated unsecured credit agreement on Aug. 7 with KeyBanc NA as administrative agent, according to an 8-K filed Friday with the Securities and Exchange Commission.

Borrowings bear interest at Libor plus 90 basis points to 170 bps, depending on the companies' investment-grade rating.

The agreement, which will mature Aug. 7, 2017, may be extended to Feb. 7, 2018 at the borrower's option. The facility has an accordion feature, which can increase debt up to $800 million, and loans may be prepaid in whole or in part without penalty at any time.

Wells Fargo Bank, NA and JPMorgan Chase Bank, NA are the co-syndication agents. KeyBanc Capital Markets, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are joint lead arrangers. Regions Bank and UBS Securities LLC are co-documentation agents. Additional lenders include UBS AG, Stamford Branch, Bank of Montreal, Chicago Branch, Fifth Third Bank, PNC Bank, NA, Citibank, NA, U.S. Bank NA, First Tennessee Bank NA, Branch Banking & Trust Co., Capital One, NA and Synovus Bank.

Memphis-based Mid-America Apartments plans to use loan proceeds to refinance existing credit facilities, to finance acquisitions and developments and for general working capital purposes.

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