Invitation Homes to sell fixed-rate senior notes via five bookrunners; talk in 125 bps area

By Devika Patel and Cristal Cody

Knoxville, Tenn., Aug. 3 – Invitation Homes Operating Partnership LP is expected to price an offering of $400 million of fixed-rate senior notes due Aug. 15, 2031, according to a 424B5 filing with the Securities and Exchange Commission and details from a market source.

The notes are being talked in the Treasuries plus 125 basis points area.

The notes feature a make-whole call initially and then a par call.

J.P. Morgan Securities LLC, BofA Securities Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. 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 secured debt.

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

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