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 $600 million aggregate principal amount of 2.300% Senior Notes due 2028 (the "2028 Notes") and $400 million aggregate principal amount of 2.700% Senior Notes due 2034 (the "2034 Notes" and, together with the 2028 Notes, the "Notes"). The 2028 Notes were priced at 99.871% of the principal amount and will mature on November 15, 2028. The 2034 Notes were priced at 99.809% of the principal amount and will mature on January 15, 2034. The offering is expected to close on November 5, 2021, 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 $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 our business strategy.
Wells Fargo Securities, Deutsche Bank Securities, Goldman Sachs & Co. LLC, BofA Securities, Credit Suisse, J.P. Morgan, Mizuho Securities and PNC Capital Markets LLC are acting as the joint book-running managers of the offering. Citigroup, KeyBanc Capital Markets, Morgan Stanley, RBC Capital Markets, BMO Capital Markets, BNP PARIBAS, BNY Mellon Capital Markets, LLC, Capital One Securities, Raymond James, Regions Securities LLC, Scotiabank, US Bancorp, Academy Securities, Comerica Securities 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: Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, or by email at [email protected], or by telephone at 1-800-645-3751; Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005, or by email at [email protected], or by telephone at (800) 503-4611; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by email at [email protected], or by telephone at (866) 471-2526; 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 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.
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 fees and insurance costs, the Company's dependence on third parties for key services, risks related to the evaluation of properties, poor resident selection and defaults and non-renewals by the Company's residents, performance of the Company's information technology systems, risks related to the Company's indebtedness, and risks related to the potential negative impact of the ongoing COVID-19 pandemic 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. Moreover, many of these factors have been heightened as a result of the ongoing and numerous adverse impacts of COVID-19. 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, 2020, 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 release and in the Company's other periodic filings. 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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