Published on 3/25/2022 in the Prospect News Investment Grade Daily.
New Issue: Invitation Homes prices $600 million 4.15% 10-year notes at Treasuries plus 170 bps
By Rebecca Melvin
Concord, N.H., March 25 – Invitation Homes Operating Partnership LP priced $600 million of 4.15% senior notes due 2032 at a spread of 170 basis points over Treasuries on Friday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.739 to yield 4.182%.
The notes (Baa3/BBB-/BBB) feature a make-whole call at Treasuries plus 25 bps until Jan. 15, 2032 and then are callable at par.
BofA Securities Inc., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC are the bookrunners.
The notes are guaranteed by Invitation Homes Inc., Invitation Homes OP GP LLC and IH Merger Sub, LLC.
Proceeds will be used to repay all $204.6 million of the IH 2018-3 securitization-related mortgage loan and a portion of the IH 2018-2 securitization-related mortgage loan and for general corporate purposes, which may include debt repayment.
The issuer is a subsidiary of Invitation Homes, Inc., a Dallas-based property manager.
| Issuer: | Invitation Homes Operating Partnership LP
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| Guarantors: | Invitation Homes Inc., Invitation Homes OP GP LLC and IH Merger Sub, LLC
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| Amount: | $600 million
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| Issue: | Senior notes
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| Maturity: | April 15, 2032
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| Bookrunners: | BofA Securities Inc., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC
|
| Co-managers: | Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Raymond James & Associates, Inc., Regions Securities LLC, Scotia Capital (USA) Inc., Siebert Williams Shank & Co., LLC and U.S. Bancorp Investments, Inc.
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| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Sidley Austin LLP, Simpson Thacher & Bartlett LLP and Venable LLP
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| Counsel to underwriters: | Goodwin Procter LLP
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| Coupon: | 4.15%
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| Price: | 99.739
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| Yield: | 4.182%
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| Spread: | Treasuries plus 170 bps
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| Call features: | Before Jan. 15, 2032 make-whole call at Treasuries plus 25 bps; par call thereafter
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| Pricing date: | March 25
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| Settlement date: | April 5
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB
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| Distribution: | SEC registered
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| Cusip: | 46188BAD4
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