Mid-America Apartment Communities , Inc. (NYSE:MAA), a real estate investment trust based in Tennessee, has announced the issuance of $350 million in senior notes through its operating partnership, Mid-America Apartments, L.P. The notes, bearing an interest rate of 4.950%, are due on March 1, 2035.
The offering, which took place today, involves notes that will pay interest semi-annually, with the first payment scheduled for September 1, 2025.
The company has the option to redeem the notes at any time before December 1, 2034, at a make-whole premium, in addition to accrued and unpaid interest. After December 1, 2034, the notes can be redeemed at par value with accrued interest.
Should an event of default occur, which includes payment defaults or bankruptcy-related defaults, the obligations under the notes may be accelerated, meaning the full principal amount would become immediately payable.
The news above is based on an SEC filing.
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