The operating partnership of Mid-America Apartment Communities Inc. entered into a $1 billion senior unsecured amended and restated credit agreement due May 22, 2023, with up to two six-month extensions at the company's option.
An accordion feature allows the company to lift the total amount of unsecured debt under the agreement to $1.5 billion.
Wells Fargo Bank NA is the administrative agent, while Wells Fargo Securities LLC, Keybanc Capital Markets Inc. and JPMorgan Chase Bank NA are the joint lead arrangers.
Keybank NA and JPMorgan Chase Bank are the co-syndication agents, while PNC Bank NA and U.S. Bank NA are the co-documentation agents.
The multifamily real estate investment trust said Mid-America Apartments LP also set up an up to $500 million unsecured commercial paper note program.
Mid-America will use proceeds from the credit agreement to repay debt and for other corporate purposes. Proceeds from the note program will be used for general corporate purposes.