Invitation Homes plans fixed-rate senior notes via eight bookrunners

By Devika Patel

Knoxville, Tenn., March 25 – Invitation Homes Operating Partnership LP is expected to price fixed-rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

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

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.

U.S. Bank Trust Co., NA is the trustee.

Counsel to the issuer is provided by Sidley Austin LLP, Simpson Thacher & Bartlett LLP and Venable LLP. Counsel to the underwriters is provided by Goodwin Procter LLP.

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.

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