Published on 8/3/2021 in the Prospect News Investment Grade Daily.
New Issue: Invitation Homes prices upsized $650 million 2% senior notes due 2031
By Cristal Cody
New York, Aug. 3 – Invitation Homes Operating Partnership LP priced an upsized $650 million of 2% senior notes due 2031 at a spread of Treasuries plus 100 basis points on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes were talked in the Treasuries plus 125 bps area and with a size of $400 million.
The notes priced at 98.396 to yield 2.179%.
The notes feature a make-whole call at Treasuries plus 15 bps initially and then a par call after May 15, 2031.
J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC were 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.
| 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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| Issue: | Senior notes
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| Amount: | $650 million
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| Maturity: | Aug. 15, 2031
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| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC
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| Co-managers: | BMO Capital Markets Corp., BNP Paribas Securities Corp., Capital One Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc.
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| Coupon: | 2%
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| Price: | 98.396
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| Yield: | 2.179%
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| Spread: | Treasuries plus 100 bps
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| Call features: | Before May 15, 2031 make-whole call at Treasuries plus 15 bps; par call thereafter
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| Pricing date: | Aug. 3
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| Settlement date: | Aug. 6
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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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| Price talk: | Treasuries plus 125 bps area
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