Invitation Homes Inc. (NYSE: INVH) (“Invitation Homes” or the
“Company”) announced today that its operating partnership,
Invitation Homes Operating Partnership LP (the “Operating
Partnership”), has priced a public offering of $450 million
aggregate principal amount of 5.450% Senior Notes due 2030 (the
“2030 Notes”) and $350 million aggregate principal amount of 5.500%
Senior Notes due 2033 (the “2033 Notes” and, together with the 2030
Notes, the “Notes”). The 2030 Notes were priced at 98.866% of the
principal amount and will mature on August 15, 2030. The 2033 Notes
were priced at 98.642% of the principal amount and will mature on
August 15, 2033. The offering is expected to close on August 2,
2023, subject to the satisfaction of customary closing conditions.
The Notes will be fully and unconditionally guaranteed, jointly and
severally, by the Company, Invitation Homes OP GP LLC and IH Merger
Sub, LLC.
The Operating Partnership intends to use a portion of the net
proceeds from the offering to repay all $150.0 million of
indebtedness outstanding under its revolving credit facility, and
the remaining net proceeds for general corporate purposes, which
may include, without limitation, repayment of other indebtedness
including secured debt, working capital, acquisitions and
renovations of single-family properties and for related activities
in accordance with the Company’s business strategy.
J.P. Morgan, Citigroup, Morgan Stanley, BofA Securities,
Deutsche Bank Securities, KeyBanc Capital Markets, PNC Capital
Markets LLC, Regions Securities LLC and Wells Fargo Securities are
acting as the joint book-running managers of the offering. BMO
Capital Markets, Capital One Securities, Goldman Sachs & Co.
LLC, Mizuho, RBC Capital Markets, BNP PARIBAS, Huntington Capital
Markets, Raymond James, Scotiabank, US Bancorp, Academy Securities,
BNY Mellon Capital Markets, LLC and Ramirez & Co., Inc. are
acting as the co-managers of the offering.
The offering is being made pursuant to an effective shelf
registration statement filed by the Company, the Operating
Partnership, Invitation Homes OP GP LLC and IH Merger Sub, LLC with
the Securities and Exchange Commission (the “SEC”). A prospectus
supplement and accompanying prospectus relating to the offering
will be filed with the SEC. When available, a copy of the
prospectus supplement and accompanying prospectus relating to the
offering may be obtained from: J.P. Morgan Securities LLC, 383
Madison Avenue, New York, NY 10179, Attention: Investment Grade
Syndicate Desk, 3rd Floor, or by telephone at (212) 834-4533;
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at
800-831-9146, or by email at prospectus@citi.com; Morgan Stanley
& Co. LLC, 1585 Broadway, 6th Floor, New York, New York 10036,
or by telephone at 1-866-718-1649, or by email at
prospectus@morganstanley.com; or by visiting the EDGAR database on
the SEC’s web site at www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor will there be any sale of these
securities in any state or other jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Invitation Homes
Invitation Homes, an S&P 500 company, is the nation’s
premier single-family home leasing company, meeting changing
lifestyle demands by providing access to high-quality, updated
homes with valued features such as close proximity to jobs and
access to good schools. The Company’s mission, “Together with you,
we make a house a home,” reflects its commitment to providing homes
where individuals and families can thrive and high-touch service
that continuously enhances residents’ living experiences.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which include, but are not limited to, statements related
to the Company’s expectations regarding the performance of the
Company’s business, its financial results, its liquidity and
capital resources and the use of the net proceeds from the
offering, and other non-historical statements. In some cases, you
can identify these forward-looking statements by the use of words
such as “outlook,” “believes,” “expects,” “potential,” “continues,”
“may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,”
“intends,” “plans,” “estimates,” “anticipates” or the negative
version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties, including, among others, risks inherent to the
single-family rental industry and the Company’s business model,
macroeconomic factors beyond the Company’s control, competition in
identifying and acquiring properties, competition in the leasing
market for quality residents, increasing property taxes,
homeowners’ association and insurance costs, poor resident
selection and defaults and non-renewals by the Company’s residents,
the Company’s dependence on third parties for key services, risks
related to the evaluation of properties, performance of the
Company’s information technology systems, risks related to the
Company’s indebtedness, risks related to the potential negative
impact of unfavorable global and U.S. economic conditions
(including inflation and rising interest rates), uncertainty in
financial markets (including as a result of recent bank failures
and events affecting financial institutions), geopolitical
tensions, natural disasters, climate change, and public health
crises on the Company’s financial condition, results of operations,
cash flows, business, associates and residents. Accordingly, there
are or will be important factors that could cause actual outcomes
or results to differ materially from those indicated in these
statements. The Company believes these factors include, but are not
limited to, those described under Part I. Item 1A. “Risk Factors”
of the Company’s Annual Report on Form 10-K for the year ended
December 31, 2022, as such factors may be updated from time to time
in the Company’s periodic filings with the SEC, which are
accessible on the SEC’s website at https://www.sec.gov. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this press release and in the Company’s other periodic filings
with the SEC. The forward-looking statements speak only as of the
date of this press release, and the Company expressly disclaims any
obligation or undertaking to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except to the extent otherwise
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230731873462/en/
Investor Relations Contact: Scott McLaughlin Phone:
844.456.INVH (4684) Email: IR@InvitationHomes.com
Media Relations Contact: Kristi DesJarlais Phone:
972.421.3587 Email: Media@InvitationHomes.com
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