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American Homes 4 Rent Announces Pricing of Public Offering of $600 Million of 5.500% Green Bonds due 2034

Real Estate - Miami County Post originally published at Real Estate - Miami County Post

LAS VEGAS, Jan. 23, 2024 /PRNewswire/ — American Homes 4 Rent (NYSE: AMH) (the “Company”) today announced that its operating partnership, American Homes 4 Rent, L.P. (the “Operating Partnership”), has priced an offering of $600 million aggregate principal amount of 5.500% Senior Notes due 2034 (the “Notes”). The Notes will be issued at 99.893% of par value with a coupon of 5.500% per annum. Interest on the Notes is payable semi-annually in arrears on February 1 and August 1of each year, commencing August 1, 2024. The Notes will mature on February 1, 2034. The offering is subject to the satisfaction of customary closing conditions and is expected to close on or about January 30, 2024.

The Operating Partnership intends to allocate an amount equal to the net proceeds from the offering to finance and/or refinance, in whole or in part, new or existing Eligible Projects (as defined in the prospectus supplement for the offering). 

Pending full allocation of an amount equal to the net proceeds from the offering to finance and/or refinance, in whole or in part, new or existing Eligible Projects, the Operating Partnership intends to use the net proceeds from the offering for the repayment of outstanding indebtedness, which may include the repayment or voluntary prepayment of all or a portion of the outstanding 2014-SFR2 asset-backed securitization notes and the 2014-SFR3 asset-backed securitization notes, and/or temporarily invest the net proceeds in accordance with the Company’s cash investment policy.

The Company’s inaugural green bond issuance highlights its focus on energy efficient and sustainable construction practices as it contributes much needed inventory to the country’s under-supplied housing landscape.

Wells Fargo Securities, BofA Securities and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering, and PNC Capital Markets LLC, Raymond James, Mizuho, Morgan Stanley and Scotiabank are acting as book-running managers for the offering. BMO Capital Markets, US Bancorp, Citigroup, 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 Wells Fargo Securities, LLC, Attn: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, at 800-645-3751 or email: [email protected]; BofA Securities, Inc., 201 North Tryon Street, NC1-022-02-25, Charlotte, NC 28255-0001, Attn: Prospectus Department, by telephone at 1-800-294-1322 or by email at [email protected]; and J.P. Morgan Securities LLC, Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204.

About AMH

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We are an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.

Forward-Looking Statements

This press release contains “forward-looking statements” that relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release include, among others, the Operating Partnership’s ability to complete the offering and the intended use of net proceeds. The Operating Partnership has based these forward-looking statements on its current expectations and assumptions about future events. While the Operating Partnership’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Operating Partnership’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company or the Operating Partnership undertakes no obligation to update any forward-looking statements to conform to actual results or changes in their expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company’s and the Operating Partnership’s subsequent filings with the SEC.

AMH Contacts:

Trent Frager
Media Relations
Phone: (855) 774-4663
Email: [email protected] 

Nicholas Fromm
Investor Relations
Phone: (855) 794-2447
Email: [email protected]

SOURCE AMH

Originally published at https://www.prnewswire.com/news-releases/american-homes-4-rent-announces-pricing-of-public-offering-of-600-million-of-5-500-green-bonds-due-2034–302042567.html
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Real Estate - Miami County Post originally published at Real Estate - Miami County Post