Mid-America Apartment Communities (MAA) prices $450 million senior note offering.

Mid-America Apartment Communities, Inc. (MAA) announced that its principal operating subsidiary, Mid-America Apartments, L.P., has priced a $450 million offering of 1.70% senior unsecured notes due 2031.  The notes were priced at a discount to yield 1.756% or +120 basis points to the treasury curve.  The company said that proceeds from the offering would be used to repay commercial paper borrowings.

Mid-America owns and manages a diversified portfolio of approximately 100,000 apartment units in 16 states and the District of Columbia.  The company has a total market capitalization of approximately $18 billion and is a member of the S&P 500.