Mid-America Apartment Communities Prices $350 Million Note Offering

Mid-America Apartments, L.P., the operating partnership of Mid-America Apartment Communities, priced a $350 million senior unsecured issue at 5.350%, with the notes due Dec. 15, 2031.

The notes were priced at 99.584% of principal and mature Dec. 15, 2031. Mid-America Apartments, L.P. is the issuer and the operating partnership of Mid-America Apartment Communities. The company expects the offering to close Nov. 12, subject to customary closing conditions.

Net proceeds are intended to reduce outstanding balances on the company's unsecured revolving credit facility and unsecured commercial paper program, while also supporting general corporate purposes. Potential uses include repaying other debt and acquiring, developing or redeveloping apartment communities. It did not specify how proceeds would be divided among those uses.

Mid-America Apartment Communities is a real estate investment trust focused on apartment communities primarily in the Southeast, Southwest and Mid-Atlantic. Its common stock trades on the New York Stock Exchange under the ticker MAA.