Invitation Homes Announces Pricing of $500 Million of 4.875% Senior Notes due 2035
Invitation Homes Inc. (NYSE: INVH) announced that its operating partnership has priced a public offering of $500 million aggregate principal amount of 4.875% Senior Notes due 2035. The Notes were priced at 98.855% of the principal amount and will mature on February 1, 2035. The offering is expected to close on September 26, 2024, subject to customary conditions.
The Notes will be fully and unconditionally guaranteed by the Company, Invitation Homes OP GP , and IH Merger Sub, The net proceeds will be used for general corporate purposes, including potential repayment of indebtedness, working capital, acquisitions and renovations of single-family properties.
Multiple financial institutions are acting as joint book-running managers and co-managers for the offering. The offering is being made pursuant to an effective shelf registration statement filed with the SEC.
Invitation Homes Inc. (NYSE: INVH) ha annunciato che la sua partnership operativa ha fissato un offerta pubblica di 500 milioni di dollari di note senior con un tasso del 4,875% e scadenza nel 2035. Le note sono state fissate al 98,855% dell'importo principale e scadranno il 1° febbraio 2035. Si prevede che l'offerta si chiuda il 26 settembre 2024, soggetta a condizioni consuete.
Le note saranno completamente e incondizionatamente garantite dalla Società, da Invitation Homes OP GP e da IH Merger Sub. I proventi netti saranno utilizzati per scopi aziendali generali, inclusi potenziali rimborso di debiti, capitale circolante, acquisizioni e ristrutturazioni di proprietà unifamiliari.
Molte istituzioni finanziarie stanno agendo come co-manager e gestori principali congiunti per l'offerta. L'offerta è effettuata ai sensi di una dichiarazione di registrazione a scaffale efficace depositata presso la SEC.
Invitation Homes Inc. (NYSE: INVH) anunció que su sociedad operativa ha fijado una oferta pública de 500 millones de dólares en notas senior con un interés del 4.875% que vencen en 2035. Las notas se fijaron en el 98.855% del monto principal y vencerán el 1 de febrero de 2035. Se espera que la oferta cierre el 26 de septiembre de 2024, sujeta a condiciones habituales.
Las notas estarán completamente y de manera incondicional garantizadas por la Compañía, Invitation Homes OP GP e IH Merger Sub. Los ingresos netos se utilizarán para fines corporativos generales, incluyendo el posible reembolso de deudas, capital de trabajo, adquisiciones y renovaciones de propiedades unifamiliares.
Múltiples instituciones financieras actúan como co-gestores y gerentes conjuntos para la oferta. La oferta se realiza de acuerdo con una declaración de registro en estante efectiva presentada ante la SEC.
Invitation Homes Inc. (NYSE: INVH)은 운영 파트너십이 2035년 만기 4.875%의 선순위 노트 총액 5억 달러의 공개 발행 가격을 책정했다고 발표했습니다. 노트는 원금의 98.855%에 가격이 책정되었으며, 2035년 2월 1일 만료됩니다. 이 제안은 일반적인 조건에 따라 2024년 9월 26일에 마감될 것으로 예상됩니다.
노트는 회사인 Invitation Homes OP GP 및 IH Merger Sub에 의해 전면적으로 무조건 보장됩니다. 순수익은 일반 회사 용도에 사용될 예정이며, 여기에는 부채 상환, 운영 자본, 단독 주택의 인수 및 개조가 포함됩니다.
여러 금융 기관이 공동 북런닝 매니저 및 공동 매니저로서 이 제안에 참여하고 있습니다. 이 제안은 SEC에 제출된 유효한 선반 등록 성명에 따라 이루어집니다.
Invitation Homes Inc. (NYSE: INVH) a annoncé que son partenariat opérationnel a fixé une offre publique d'un montant total de 500 millions de dollars d'obligations senior à 4,875% arrivant à échéance en 2035. Les obligations ont été fixées à 98,855% du montant principal et arriveront à échéance le 1er février 2035. La clôture de l'offre est prévue pour le 26 septembre 2024, sous réserve des conditions habituelles.
Les obligations seront entièrement et inconditionnellement garanties par la Société, Invitation Homes OP GP, et IH Merger Sub. Les produits nets seront utilisés pour des fins générales d'entreprise, y compris le remboursement potentiel d'une dette, le fonds de roulement, les acquisitions et les rénovations de propriétés unifamiliales.
Plusieurs institutions financières agissent en tant que co-managers et gérants principaux pour l'offre. L'offre est réalisée conformément à une déclaration d'enregistrement en cours valable déposée auprès de la SEC.
Invitation Homes Inc. (NYSE: INVH) hat bekannt gegeben, dass ihre Betriebspartnerschaft eine öffentliche Platzierung von 500 Millionen US-Dollar in Senior Notes mit 4,875% Zinssatz fällig 2035 festgelegt hat. Die Notes wurden zu 98,855% des Nennbetrags bewertet und werden am 1. Februar 2035 fällig. Der Abschluss der Platzierung wird für den 26. September 2024 erwartet, vorbehaltlich üblicher Bedingungen.
Die Notes werden vollständig und bedingungslos von der Gesellschaft, Invitation Homes OP GP, und IH Merger Sub garantiert. Der Nettoerlös wird für allgemeine Unternehmenszwecke verwendet, einschließlich möglicher Rückzahlungen von Schulden, Betriebskapital, Akquisitionen und Renovierungen von Einfamilienhäusern.
Mehrere Finanzinstitute agieren als Co-Manager und Hauptbuchführer für die Platzierung. Die Platzierung erfolgt gemäß einer wirksamen Registernmeldung, die bei der SEC eingereicht wurde.
- Successful pricing of $500 million in Senior Notes, indicating strong market interest
- Long-term debt maturity in 2035, potentially improving debt structure
- Funds can be used for various strategic purposes, including property acquisitions and renovations
- Increase in long-term debt obligations
- Potential increase in interest expenses due to the 4.875% interest rate on the Notes
Insights
Invitation Homes' pricing of
The use of proceeds for "general corporate purposes" provides flexibility but lacks specificity. This could include debt refinancing, which might improve the company's debt structure, or property acquisitions to expand their portfolio. The broad range of underwriters, including major banks, indicates strong market support for the offering.
For investors, this move signals Invitation Homes' continued focus on growth and optimization of its capital structure. The long maturity helps manage refinancing risk, while the interest rate seems competitive in the current environment. However, the additional debt will increase interest expenses and leverage, which investors should monitor in relation to the company's cash flow and growth strategies.
This debt offering by Invitation Homes, a major player in the single-family rental market, reflects ongoing confidence in the sector. The company's ability to raise substantial capital at a relatively attractive rate indicates investor faith in its business model and the broader single-family rental market.
The potential use of proceeds for acquisitions and renovations suggests Invitation Homes is poised for continued portfolio expansion. This aligns with broader trends in the housing market, where institutional investors are increasingly active in the single-family rental space. The company's strategy to potentially acquire and renovate properties could be a response to tight housing supply and rising home prices, which have made homeownership more challenging for many Americans.
For the real estate market, this move could signal increased competition for single-family homes, potentially impacting both individual homebuyers and smaller landlords. It also underscores the growing institutionalization of the single-family rental market, a trend that has implications for housing affordability and neighborhood dynamics in many markets across the U.S.
The Operating Partnership intends to use the net proceeds from the offering for general corporate purposes, which may include, without limitation, repayment of indebtedness, working capital, acquisitions and renovations of single-family properties, and for related activities in accordance with the Company’s business strategy.
PNC Capital Markets LLC, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, BNP PARIBAS, BofA Securities, Capital One Securities, Goldman Sachs & Co. LLC, J.P. Morgan, and US Bancorp are acting as the joint book-running managers of the offering. BMO Capital Markets, BNY Capital Markets, Huntington Capital Markets, KeyBanc Capital Markets, M&T Securities, Morgan Stanley, RBC Capital Markets, Regions Securities LLC, Truist Securities, Citigroup, Raymond James, Scotiabank, and Siebert Williams Shank are acting as the co-managers of the offering.
The offering is being made pursuant to an effective shelf registration statement filed by the Company, the Operating Partnership, Invitation Homes OP GP LLC, and IH Merger Sub, LLC with the Securities and Exchange Commission (the “SEC”). A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. When available, a copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from: PNC Capital Markets LLC, toll-free: 855-881-0697; Deutsche Bank Securities Inc., toll-free: 1-800-503-4611; Mizuho Securities
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Invitation Homes
Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The Company’s mission, “Together with you, we make a house a home,” reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents’ living experiences.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which include, but are not limited to, statements related to the Company’s expectations regarding the performance of the Company’s business, its financial results, its liquidity and capital resources and the use of the net proceeds from the offering, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties including, among others, risks inherent to the single-family rental industry and the Company’s business model, macroeconomic factors beyond the Company’s control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association and insurance costs, poor resident selection and defaults and non-renewals by the Company’s residents, the Company’s dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company’s information technology systems, development and use of artificial intelligence, risks related to the Company’s indebtedness, and risks related to the potential negative impact of unfavorable global and
View source version on businesswire.com: https://www.businesswire.com/news/home/20240923821665/en/
Investor Relations Contact:
Scott McLaughlin
844.456.INVH (4684)
IR@InvitationHomes.com
Media Relations Contact:
Kristi DesJarlais
972.421.3587
Media@InvitationHomes.com
Source: Invitation Homes Inc.
FAQ
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