Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-191243-01
October 8, 2013
Mid-America Apartments, L.P.
$350,000,000
4.300% Senior Notes due 2023
Pricing Term Sheet
This pricing term sheet relates only to the securities described below and should be read together with Mid-America Apartments, L.P.’s preliminary prospectus supplement dated October 8, 2013 (the “preliminary prospectus supplement”) and the accompanying prospectus dated September 18, 2013 and the documents incorporated and deemed to be incorporated by reference therein.
Issuer: | Mid-America Apartments, L.P. (the “Operating Partnership”) |
Security: | 4.300% Senior Notes due October 15, 2023 |
Principal Amount: | $350,000,000 aggregate principal amount |
Maturity Date: | October 15, 2023 |
Interest Rate: | 4.300% per year, accruing from October 16, 2013 |
Interest Payment Dates: | Payable semi-annually on April 15 and October 15, commencing April 15, 2014 |
Price to Public: | 99.047% of the principal amount, plus accrued interest, if any |
Benchmark Treasury: | 2.500% due August 15, 2023 |
Benchmark Treasury Yield: | 2.619% |
Spread to Benchmark Treasury: | +180 basis points |
Yield to Maturity: | 4.419% |
Optional Redemption: | Prior to July 15, 2023, make-whole redemption at the Treasury Rate (as defined) plus 30 basis points plus (except as otherwise provided in the preliminary prospectus supplement) accrued and unpaid interest. On and after July 15, 2023, at a redemption price equal to 100% of the principal amount plus (except as otherwise provided in the preliminary prospectus supplement) accrued and unpaid interest. See the preliminary prospectus supplement for the definition of “Treasury Rate” and for further terms and provisions applicable to optional redemption. |
Trade Date: | October 8, 2013 |
Settlement Date: | October 16, 2013 (T+5) |
Use of Proceeds: | The Operating Partnership intends to use the net proceeds to repay borrowings outstanding under the revolving credit facility. Pending application of the net proceeds for the purposes described above, the Operating Partnership may temporarily invest the net proceeds in short term securities. |
CUSIP / ISIN: | 59523UAA5 / US59523UAA51 |
Joint Book-Running Managers: | J.P. Morgan Securities LLC |
Wells Fargo Securities, LLC
Jefferies LLC
UBS Securities LLC
Co-Managers: | KeyBanc Capital Markets Inc. |
U.S. Bancorp Investments, Inc.
BB&T Capital Markets, a division of BB&T Securities, LLC
Citigroup Global Markets Inc.
Fifth Third Securities, Inc.
Regions Securities LLC
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC collect at 212-834-4533 or Wells Fargo Securities, LLC toll-free at800-326-5897.
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