American Homes 4 Rent Announces Pricing of Public Offering of $650 Million of 4.950% Senior Notes due 2030
American Homes 4 Rent (NYSE: AMH) has announced the pricing of $650 million aggregate principal amount of 4.950% Senior Notes due 2030 through its operating partnership. The Notes will be issued at 99.444% of par value, with interest payable semi-annually on June 15 and December 15, starting December 15, 2025. The offering is expected to close around May 13, 2025.
The company plans to use the net proceeds to repay outstanding debts, including its revolving credit facility and 2015-SFR2 asset-backed securitization notes. Funds will also support general corporate purposes, including property acquisitions, developments, and portfolio improvements. Wells Fargo Securities, BofA Securities, Citigroup, and J.P. Morgan Securities are serving as joint book-running managers for the offering.
American Homes 4 Rent (NYSE: AMH) ha annunciato il prezzo di emissione di 650 milioni di dollari di obbligazioni senior con cedola del 4,950% e scadenza nel 2030 tramite la sua partnership operativa. Le obbligazioni saranno emesse al 99,444% del valore nominale, con interessi pagabili semestralmente il 15 giugno e il 15 dicembre, a partire dal 15 dicembre 2025. L'offerta dovrebbe concludersi intorno al 13 maggio 2025.
L'azienda prevede di utilizzare i proventi netti per rimborsare i debiti in essere, inclusa la linea di credito revolving e le obbligazioni garantite da attività 2015-SFR2. I fondi serviranno anche a scopi aziendali generali, tra cui acquisizioni di immobili, sviluppi e miglioramenti del portafoglio. Wells Fargo Securities, BofA Securities, Citigroup e J.P. Morgan Securities agiranno come gestori congiunti dell'offerta.
American Homes 4 Rent (NYSE: AMH) ha anunciado la fijación del precio de 650 millones de dólares en notas senior con un cupón del 4,950% y vencimiento en 2030 a través de su sociedad operativa. Las notas se emitirán al 99,444% del valor nominal, con intereses pagaderos semestralmente el 15 de junio y el 15 de diciembre, comenzando el 15 de diciembre de 2025. Se espera que la oferta cierre alrededor del 13 de mayo de 2025.
La compañía planea usar los ingresos netos para pagar deudas pendientes, incluyendo su línea de crédito revolvente y las notas titulizadas 2015-SFR2 respaldadas por activos. Los fondos también apoyarán propósitos corporativos generales, incluyendo adquisiciones de propiedades, desarrollos y mejoras en la cartera. Wells Fargo Securities, BofA Securities, Citigroup y J.P. Morgan Securities actúan como gestores conjuntos del libro para la oferta.
American Homes 4 Rent (NYSE: AMH)는 운영 파트너십을 통해 6억 5천만 달러 규모의 4.950% 이자율의 2030년 만기 선순위 채권 발행 가격을 발표했습니다. 해당 채권은 액면가의 99.444%에 발행되며, 이자는 2025년 12월 15일부터 매년 6월 15일과 12월 15일에 반기별로 지급됩니다. 이번 공모는 2025년 5월 13일경 마감될 예정입니다.
회사는 순수익을 사용하여 회전 신용 대출 및 2015-SFR2 자산담보증권 채권 등 기존 부채를 상환할 계획입니다. 또한 자금은 부동산 인수, 개발 및 포트폴리오 개선을 포함한 일반 기업 목적에도 사용될 예정입니다. Wells Fargo Securities, BofA Securities, Citigroup, J.P. Morgan Securities가 공동 주관사로 참여합니다.
American Homes 4 Rent (NYSE : AMH) a annoncé la tarification de 650 millions de dollars de billets seniors à 4,950 % échéant en 2030 via son partenariat opérationnel. Les billets seront émis à 99,444 % de leur valeur nominale, avec des intérêts payables semestriellement les 15 juin et 15 décembre, à compter du 15 décembre 2025. La clôture de l'offre est prévue autour du 13 mai 2025.
La société prévoit d’utiliser les produits nets pour rembourser ses dettes en cours, y compris sa facilité de crédit renouvelable et les billets titrisés 2015-SFR2. Les fonds soutiendront également des objectifs généraux d’entreprise, notamment l’acquisition de propriétés, les développements et l’amélioration du portefeuille. Wells Fargo Securities, BofA Securities, Citigroup et J.P. Morgan Securities agissent en tant que chefs de file conjoints pour cette émission.
American Homes 4 Rent (NYSE: AMH) hat die Preisfestsetzung von 650 Millionen US-Dollar Gesamtnennwert für 4,950% Senior Notes mit Fälligkeit 2030 über seine Betriebspartnerschaft bekanntgegeben. Die Notes werden zu 99,444 % des Nennwerts ausgegeben, mit halbjährlichen Zinszahlungen am 15. Juni und 15. Dezember, beginnend am 15. Dezember 2025. Der Abschluss des Angebots wird für etwa den 13. Mai 2025 erwartet.
Das Unternehmen plant, die Nettoerlöse zur Rückzahlung ausstehender Schulden zu verwenden, darunter seine revolvierende Kreditfazilität und die 2015-SFR2 Asset-Backed Securities Notes. Die Mittel sollen auch für allgemeine Unternehmenszwecke eingesetzt werden, einschließlich Immobilienerwerb, Entwicklung und Portfolioverbesserungen. Wells Fargo Securities, BofA Securities, Citigroup und J.P. Morgan Securities fungieren als gemeinsame Bookrunner für das Angebot.
- Successful pricing of $650 million senior notes offering demonstrates strong market confidence
- Strategic debt refinancing opportunity through the new notes
- Funds will support property acquisitions and portfolio expansion
- Competitive interest rate of 4.950% in current market conditions
- Additional long-term debt obligation until 2030
- Slightly below par value issuance at 99.444%
- Increased interest expense with semi-annual payments
Insights
AMH's $650M notes offering at 4.950% reflects standard debt refinancing activity, potentially extending debt maturities while maintaining financial flexibility.
American Homes 4 Rent's pricing of
The primary use of proceeds – repayment of existing debt including their revolving credit facility and potentially their 2015-SFR2 asset-backed securitization notes – indicates a debt refinancing strategy rather than an expansion of total leverage. This approach typically aims to extend debt maturities and optimize the company's overall debt structure. By refinancing shorter-term or variable-rate debt with these 5-year fixed-rate notes, AMH can lock in their interest expense through 2030, creating greater financial predictability.
The secondary allocation for "general corporate purposes" including property acquisitions and developments suggests AMH is maintaining financial flexibility to pursue strategic growth opportunities in the single-family rental market. This balanced approach to capital allocation – addressing existing debt while preserving capacity for investments – aligns with prudent REIT financial management practices.
The impressive lineup of underwriters, led by major financial institutions including Wells Fargo, BofA Securities, Citigroup, and J.P. Morgan, demonstrates strong institutional support for this offering. This broad syndicate suggests healthy demand for AMH's debt, reflecting confidence in the company's credit profile and business model within the single-family rental sector.
Interest on the Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing December 15, 2025. The Notes will mature on June 15, 2030. The offering is subject to the satisfaction of customary closing conditions and is expected to close on or about May 13, 2025.
The Operating Partnership intends to use the net proceeds from the offering for the repayment of outstanding indebtedness, which may include repayment of amounts outstanding on its revolving credit facility, repayment or voluntary prepayment of all or a portion of its outstanding 2015-SFR2 asset-backed securitization notes, as well as general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the Company's portfolio, other capital expenditures, working capital and other general purposes.
Wells Fargo Securities, LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers and representatives of the underwriters for the offering, and Mizuho Securities
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,
About AMH
AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We're an internally managed
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, 2024, and in the Company's and the Operating Partnership's subsequent filings with the SEC.
AMH Contact:
Nicholas Fromm
Investor Relations
Phone: (855) 794-2447
Email: investors@amh.com
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FAQ
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