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MAA Announces Preliminary Results For Exchange Offers And Consent Solicitations Relating To Senior Notes Previously Issued By Colonial Realty Limited Partnership

Stocks in this article: MAA

MEMPHIS, Tenn., Nov. 26, 2013 /PRNewswire/ -- Mid-America Apartment Communities, Inc. (NYSE: MAA) today announced the preliminary results of the previously announced exchange offers by its operating partnership, Mid-America Apartments, L.P. ("MAALP"), to exchange any and all of the 6.25% Senior Notes due 2014 (CUSIP No. 195891 AG1) (the "Existing 2014 Notes"), 5.50% Senior Notes due 2015 (CUSIP No. 195891 AJ5) (the "Existing 2015 Notes") and 6.05% Senior Notes due 2016 (CUSIP No. 195889 AA8) (the "Existing 2016 Notes" and, collectively with the Existing 2014 Notes and the Existing 2015 Notes, the "Existing Notes") issued by Colonial Realty Limited Partnership, a wholly owned subsidiary of MAALP ("CRLP"), for MAALP's new 6.25% Senior Notes due 2014 (the "New 2014 Notes"), 5.50% Senior Notes due 2015 (the "New 2015 Notes") and 6.05% Senior Notes due 2016 (the "New 2016 Notes" and collectively with the New 2014 Notes and the New 2015 Notes, the "New Notes"), respectively, each with registration rights (collectively and, including the related consent solicitations, the "Exchange Offers"). MAALP has been advised by D.F. King & Co., Inc., the information agent for the Exchange Offers, that holders of:

  • 80.24% of the principal amount of the Existing 2014 Notes; and
  • 90.57% of the principal amount of the Existing 2015 Notes; and
  • 90.54% of the principal amount of the Existing 2016 Notes;

had validly tendered their Existing Notes pursuant to the terms of the Exchange Offers prior to the early participation and consent date of 5:00 p.m., New York City time, on November 25, 2013. Under the terms of the Exchange Offers, holders who have previously tendered their Existing Notes can no longer validly withdraw those notes from the Exchange Offers.

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Based on the results announced above, MAALP, on behalf of CRLP, has received the requisite consent from holders of the Existing 2014 Notes, Existing 2015 Notes and Existing 2016 Notes to amend the indentures governing such series of Existing Notes to (1) allow for the satisfaction of CRLP's reporting obligations under such indenture to be satisfied through the filing or delivery of annual reports, quarterly reports and other documents of MAALP, (2) remove substantially all of the restrictive covenants and certain affirmative covenants, (3) eliminate an event of default and (4) modify certain other provisions.

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