American Homes 4 Rent readies dual-part senior notes sale

Chicago, March 31 – American Homes 4 Rent LP (BBB-) is readying an offering of two tranches of senior notes, according to a 424B5 filing with the Securities and Exchange Commission on Thursday morning.

Both notes may be optionally redeemed early with make-whole premiums until their par call dates, a number of months before their respective maturity dates.

BofA Securities, Inc., J.P. Morgan Securities LLC, and PNC Capital Markets LLC have been hired as joint bookrunners.

U.S. Bank Trust Co., NA is the trustee.

Hogan Lovells US LLP and Fried, Frank, Harris, Shriver & Jacobson LLP are listed as counsel to the issuer. Paul Hastings LLP is working as counsel for the underwriters.

Proceeds will be used to pay down the company’s revolving credit facility, and any remaining proceeds will be used for general corporate purposes.

General corporate purposes may include property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the company’s portfolio, other capital expenditures, the redemption of series F preferred shares, the redemption of our other preferred shares, the repayment of outstanding debt, working capital and other general purposes.

American Homes is a Calabasas, Calif.-based real estate investment trust.

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