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Invitation Homes to sell senior notes due 2028, 2034; talk emerges
By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., Nov. 1 – Invitation Homes Operating Partnership LP expects to price an offering of fixed-rate senior notes in tranches due Nov. 15, 2028 and Jan. 15, 2034, according to a 424B5 filing with the Securities and Exchange Commission and details from a market source.
Price talk on the 2028 talks is in the Treasuries plus 110 basis points area, and talk on the 2034 notes is in the Treasuries plus 135 bps area, the market source said.
The notes are guaranteed by Invitation Homes Inc., Invitation Homes OP GP LLC and IH Merger Sub, LLC.
Both notes have optional make-whole calls until a number of months before their maturity dates when there are par calls.
Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC are active bookrunners. Passive bookrunners are BofA Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC and PNC Capital Markets LLC.
The operating partnership intends to use a portion of the net proceeds from this offering to repay all $184.4 million of the securitization-related mortgage loan labeled IH 2017-2, and the remaining net proceeds to repay a portion of the securitization-related mortgage loan labeled IH 2018-3 and for general corporate purposes, which may include, without limitation, working capital, repayment of indebtedness, acquisitions and renovations of single-family properties and for related activities in accordance with the company’s business strategy.
The issuer is a subsidiary of Invitation Homes, Inc., a Dallas-based property manager.
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