Invitation Homes to sell fixed-rate senior notes in two tranches

By Mary-Katherine Stinson

Lexington, Ky., Nov. 1 – Invitation Homes Operating Partnership LP expects to price an offering of fixed-rate senior notes in two tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are guaranteed by Invitation Homes Inc., Invitation Homes OP GP LLC and IH Merger Sub, LLC.

Both notes have optional make-whole calls until a number of months before their maturity dates when there are par calls.

Wells Fargo Securities, LLC, BofA Securities, Inc., Mizuho Securities USA LLC, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and PNC Capital Markets LLC are the bookrunners.

The operating partnership intends to use a portion of the net proceeds from this offering to repay all $184.4 million of the securitization-related mortgage loan labeled IH 2017-2, and the remaining net proceeds to repay a portion of the securitization-related mortgage loan labeled IH 2018-3 and for general corporate purposes, which may include, without limitation, working capital, repayment of indebtedness, acquisitions and renovations of single-family properties and for related activities in accordance with the company’s business strategy.

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

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