American Homes 4 Rent announced that its operating partnership, American Homes 4 Rent, L.P. (the “Operating Partnership”), has priced an offering of $450 million aggregate principal amount of 2.375% Senior Notes due 2031 (the “2031 Notes”) and $300 million aggregate principal amount of 3.375% Senior Notes due 2051 (the “2051 Notes” and together with the 2031 Notes, the “Notes”). The 2031 Notes will be issued at 98.513% of par value with a coupon of 2.375% per annum. The 2051 Notes will be issued at 97.962% of par value with a coupon of 3.375% per annum. Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing January 15, 2022. The 2031 Notes will mature on July 15, 2031 and the 2051 Notes will mature on July 15, 2051. The offering is subject to the satisfaction of customary closing conditions and is expected to close on or about July 8, 2021.
The Operating Partnership intends to use the net proceeds from the offering to repay amounts outstanding on its revolving credit facility and any remaining net proceeds for general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in its portfolio, other capital expenditures, the redemption of its preferred shares, the repayment of outstanding indebtedness, working capital and other general purposes.
BofA Securities, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering, and BMO Capital Markets, Citigroup, Morgan Stanley, PNC Capital Markets LLC, Raymond James and US Bancorp are acting as book-running managers for the offering. Mizuho Securities, Scotiabank, Regions Securities LLC, Ramirez & Co., Inc. and RBC Capital Markets are acting as co-managers for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful before registration or qualification thereof under the securities laws of any such state or jurisdiction.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) and only by means of a prospectus and prospectus supplement. Copies of the preliminary prospectus supplement relating to the offering and the final prospectus supplement, when available, may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or from BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte NC 28255-0001, Attn: Prospectus Department, by telephone at 1-800-294-1322 or by email at firstname.lastname@example.org; J.P. Morgan Securities LLC, Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204; and Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, by telephone at 1-800-645-3751 or by email at email@example.com.
About American Homes 4 Rent
American Homes 4 Rent is a leader in the single-family home rental industry and “American Homes 4 Rent” is a nationally recognized brand for rental homes, known for high-quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of March 31, 2021, we owned 53,984 single-family properties in selected submarkets in 22 states.
American Homes 4 Rent
Phone: (855) 794-2447