LAS
VEGAS, Jan. 23, 2024 /PRNewswire/ -- American
Homes 4 Rent (NYSE: AMH) (the "Company") today announced that its
operating partnership, American Homes 4 Rent, L.P. (the "Operating
Partnership"), has priced an offering of $600 million aggregate principal amount of 5.500%
Senior Notes due 2034 (the "Notes"). The Notes will be issued at
99.893% of par value with a coupon of 5.500% per annum. Interest on
the Notes is payable semi-annually in arrears on February 1 and August 1of each year, commencing
August 1, 2024. The Notes will
mature on February 1, 2034. The
offering is subject to the satisfaction of customary closing
conditions and is expected to close on or about January 30, 2024.
The Operating Partnership intends to allocate an amount equal to
the net proceeds from the offering to finance and/or refinance, in
whole or in part, new or existing Eligible Projects (as defined in
the prospectus supplement for the offering).
Pending full allocation of an amount equal to the net proceeds
from the offering to finance and/or refinance, in whole or in part,
new or existing Eligible Projects, the Operating Partnership
intends to use the net proceeds from the offering for the repayment
of outstanding indebtedness, which may include the repayment or
voluntary prepayment of all or a portion of the outstanding
2014-SFR2 asset-backed securitization
notes and the 2014-SFR3 asset-backed
securitization notes, and/or temporarily invest the net proceeds in
accordance with the Company's cash investment policy.
The Company's inaugural green bond issuance highlights its focus
on energy efficient and sustainable construction practices as it
contributes much needed inventory to the country's under-supplied
housing landscape.
Wells Fargo Securities, BofA Securities and J.P. Morgan are
acting as joint book-running managers and representatives of the
underwriters for the offering, and PNC Capital Markets LLC,
Raymond James, Mizuho, Morgan
Stanley and Scotiabank are acting as book-running managers for the
offering. BMO Capital Markets, US Bancorp, Citigroup, Regions
Securities LLC, Ramirez & Co., Inc. and RBC Capital Markets are
acting as co-managers for the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any offer or
sale of these securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful before
registration or qualification thereof under the securities laws of
any such state or jurisdiction.
The offering is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission (the "SEC") and only by means of a prospectus and
prospectus supplement. Copies of the preliminary prospectus
supplement relating to the offering and the final prospectus
supplement, when available, may be obtained by visiting EDGAR on
the SEC's website at www.sec.gov or from Wells Fargo
Securities, LLC, Attn: WFS Customer Service, 608 2nd Avenue South,
Suite 1000, Minneapolis, MN 55402,
at 800-645-3751 or email: wfscustomerservice@wellsfargo.com; BofA
Securities, Inc., 201 North Tryon Street, NC1-022-02-25,
Charlotte, NC 28255-0001, Attn:
Prospectus Department, by telephone at 1-800-294-1322 or by email
at dg.prospectus_requests@bofa.com; and J.P. Morgan Securities
LLC, Attn: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by
telephone at 1-866-803-9204.
About AMH
AMH (NYSE: AMH) is a leading large-scale integrated owner,
operator and developer of single-family rental homes. We are an
internally managed Maryland real
estate investment trust (REIT) focused on acquiring, developing,
renovating, leasing and managing homes as rental properties. Our
goal is to simplify the experience of leasing a home and deliver
peace of mind to households across the country.
Forward-Looking Statements
This press release contains "forward-looking statements" that
relate to beliefs, expectations or intentions and similar
statements concerning matters that are not of historical fact and
are generally accompanied by words such as "estimate," "project,"
"predict," "believe," "expect," "anticipate," "intend,"
"potential," "plan," "goal," "outlook," "guidance" or other words
that convey the uncertainty of future events or outcomes. Examples
of forward-looking statements contained in this press release
include, among others, the Operating Partnership's ability to
complete the offering and the intended use of net proceeds. The
Operating Partnership has based these forward-looking statements on
its current expectations and assumptions about future events. While
the Operating Partnership's management considers these expectations
and assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory and other
risks, contingencies and uncertainties, most of which are difficult
to predict and many of which are beyond the Operating Partnership's
control and could cause actual results to differ materially from
any future results, performance or achievements expressed or
implied by these forward-looking statements. Investors should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company or the
Operating Partnership undertakes no obligation to update any
forward-looking statements to conform to actual results or changes
in their expectations, unless required by applicable law. For a
further description of the risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of the Company in general, see the Company's and the
Operating Partnership's Annual Report on Form 10-K for the year
ended December 31, 2022, and in the
Company's and the Operating Partnership's subsequent filings with
the SEC.
AMH Contacts:
Trent Frager
Media Relations
Phone: (855) 774-4663
Email: media@amh.com
Nicholas Fromm
Investor Relations
Phone: (855) 794-2447
Email: investors@amh.com
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