Loan & DebtJun 25, 2026, 04:17 PM
MAA Secures $350M Unsecured Delayed Draw Term Loan
AI Summary
Mid-America Apartments, L.P. (MAALP), the operating partnership of MID AMERICA APARTMENT COMMUNITIES INC. (MAA), has secured an unsecured delayed draw term loan (DDTL Facility) for up to $350 million. The facility, maturing on November 15, 2030, will be used for general corporate purposes, including debt repayment. It features variable interest rates based on MAALP's credit rating and an accordion option to increase the total amount to $550 million.
Key Highlights
- MAALP entered into a Term Loan Agreement for an unsecured delayed draw term loan (DDTL Facility).
- The DDTL Facility provides up to $350 million in committed principal.
- Proceeds will be used for general corporate purposes, including repayment of other debt.
- Loans can be drawn in up to five draws until December 21, 2026.
- The Loan Agreement is scheduled to mature on November 15, 2030.
- Interest rates are variable, based on SOFR (0.675%-1.55% margin) or base rate (0.00%-0.550% margin).
- A quarterly commitment fee of 0.15% per annum applies to the undrawn amount.
- An uncommitted accordion feature allows increasing the total amount to $550 million.
Price Impact
More from MAA