Invitation Homes plans two-part offering of fixed-rate senior notes

By William Gullotti

Buffalo, N.Y., July 31 – Invitation Homes Operating Partnership LP is expected to price fixed-rate senior notes in two parts via nine bookrunners, according to a 424B5 filing with the Securities and Exchange Commission.

Both tranches of the offering are guaranteed by Invitation Homes Inc., Invitation Homes OP GP LLC and IH Merger Sub, LLC.

Each tranche of notes features a make-whole call initially and then a par call.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Morgan Stanley & Co., LLC, BofA Securities Inc., Deutsche Bank Securities, Inc., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, Regions Securities LLC and Wells Fargo Securities LLC are the joint bookrunning managers for the two-part offering.

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

Counsel to the issuer is provided by Sidley Austin LLP, Simpson Thacher & Bartlett LLP and Venable LLP. Counsel to the underwriters is provided by Goodwin Procter LLP.

The operating partnership intends to use a portion of the net proceeds to repay all $150 million of outstanding debt under its revolving credit facility, with the remaining net proceeds used for general corporate purposes, which may include repayment of other debt, including secured debt.

The amount outstanding under the revolver is current as of July 28, with interest set at SOFR plus 89 basis point and an additional 10 bps CSA.

The issuer is a subsidiary of Invitation Homes, Inc., a Dallas-based property manager.

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