Filed Pursuant to Rule 433
Registration Statement No. 333-258271-01
Relating to Preliminary Prospectus Supplement dated January 4, 2024
to Prospectus dated July 29, 2021
January 4, 2024
Mid-America Apartments, L.P.
$350,000,000 5.000% Senior Notes due 2034
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 January 4, 2024 (the “preliminary prospectus supplement”) and the accompanying prospectus dated July 29, 2021 and the documents incorporated and deemed to be incorporated by reference therein.
Issuer: | Mid-America Apartments, L.P. | |
Security Title: | 5.000% Senior Notes due 2034 | |
Principal Amount: | $350,000,000 | |
Trade Date: | January 4, 2024 | |
Settlement Date: | January 10, 2024 (T+4) | |
Maturity Date: | March 15, 2034 | |
Interest Payment Dates: | Payable semi-annually on March 15 and September 15, commencing September 15, 2024 | |
Coupon Rate: | 5.000% per year, accruing from January 10, 2024 | |
Price to Public: | 99.019% of the principal amount, plus accrued interest, if any, from January 10, 2024 | |
Benchmark Treasury: | 4.500% due November 15, 2033 | |
Benchmark Treasury Price / Yield: | 104-00+ / 4.003% | |
Spread to Benchmark Treasury: | +112 basis points | |
Yield to Maturity: | 5.123% | |
Optional Redemption: | Prior to December 15, 2033, make-whole redemption at the Treasury Rate (as defined) plus 20 basis points (except as otherwise provided in the preliminary prospectus supplement) plus accrued and unpaid interest. On and after December 15, 2033, at a redemption price equal to 100% of the principal amount plus 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. | |
CUSIP / ISIN: | 59523U AV9 / US59523UAV98 | |
Joint Book-Running Managers: | Wells Fargo Securities, LLC J.P. Morgan Securities LLC Mizuho Securities USA LLC Truist Securities, Inc. U.S. Bancorp Investments, Inc. | |
Senior Co-Managers: | Fifth Third Securities, Inc. KeyBanc Capital Markets Inc. Regions Securities LLC Scotia Capital (USA) Inc. SMBC Nikko Securities America, Inc. |
Co-Managers: | Citigroup Global Markets Inc. PNC Capital Markets LLC TD Securities (USA) LLC Stifel, Nicolaus & Company, Inc. |
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 Wells Fargo Securities, LLC toll-free at 1-800-645-3751, J.P. Morgan Securities LLC collect at 1-212-834-4533, Mizuho Securities USA LLC at (866) 271-7403, Truist Securities, Inc. at 1-800-685-4786 or U.S. Bancorp Investments, Inc. toll-free at 1-877-558-2607.
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