0001193125-21-204846.txt : 20210630 0001193125-21-204846.hdr.sgml : 20210630 20210630170554 ACCESSION NUMBER: 0001193125-21-204846 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20210630 DATE AS OF CHANGE: 20210630 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: American Homes 4 Rent, L.P. CENTRAL INDEX KEY: 0001716558 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 800860173 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-239227-01 FILM NUMBER: 211062698 BUSINESS ADDRESS: STREET 1: 23975 PARK SORRENTO, SUITE 300 CITY: CALABASAS STATE: CA ZIP: 91302 BUSINESS PHONE: 8054135300 MAIL ADDRESS: STREET 1: 23975 PARK SORRENTO, SUITE 300 CITY: CALABASAS STATE: CA ZIP: 91302 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: American Homes 4 Rent, L.P. CENTRAL INDEX KEY: 0001716558 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 800860173 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 23975 PARK SORRENTO, SUITE 300 CITY: CALABASAS STATE: CA ZIP: 91302 BUSINESS PHONE: 8054135300 MAIL ADDRESS: STREET 1: 23975 PARK SORRENTO, SUITE 300 CITY: CALABASAS STATE: CA ZIP: 91302 FWP 1 d199425dfwp.htm FWP FWP

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-239227-01

June 30, 2021

AMERICAN HOMES 4 RENT, L.P.

Pricing Term Sheet

 

Issuer:    American Homes 4 Rent, L.P.
State of Formation:    Delaware
Security Description:   

2.375% Senior Notes due 2031 (the “2031 Notes”)

3.375% Senior Notes due 2051 (the “2051 Notes”)

Ratings (Moody’s / S&P):*    Baa3 / BBB-
Trade Date:    June 30, 2021
Settlement Date:**    July 8, 2021 (T+5)
Aggregate Principal Amount:   

2031 Notes: $450,000,000

2051 Notes: $300,000,000

Maturity Date:   

2031 Notes: July 15, 2031

2051 Notes: July 15, 2051

Coupon:   

2031 Notes: 2.375%

2051 Notes: 3.375%

Benchmark Treasury:   

2031 Notes: 1.625% due May 15, 2031

2051 Notes: 1.875 % due February 15, 2051

Benchmark Treasury Price:   

2031 Notes: 101-21

2051 Notes: 95-12

Benchmark Treasury Yield:   

2031 Notes: 1.444%

2051 Notes: 2.085%

Spread to Benchmark Treasury:   

2031 Notes: T+110 basis points

2051 Notes: T+140 basis points

Yield to Maturity:   

2031 Notes: 2.544%

2051 Notes: 3.485%

Price to Public:   

2031 Notes: 98.513% of principal amount

2051 Notes: 97.962% of principal amount

Interest Payment Dates:   

2031 Notes: January 15 and July 15, commencing January 15, 2022

2051 Notes: January 15 and July 15, commencing January 15, 2022

Optional Redemption Provisions:   

2031 Notes: The redemption price for the 2031 Notes that are redeemed prior to April 15, 2031 (three months prior to the stated maturity date of the notes) will be equal to the sum of: (1) 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date; and (2) a make-whole amount based on a reinvestment rate equal to 20 basis points plus the weekly yield for the most recent week set forth in the most recent statistical release for the constant maturity U.S. Treasury security (rounded to the nearest month) corresponding to the remaining life to maturity (assuming that the notes mature on July 15, 2031), as of the payment date of the principal being redeemed. The redemption price for notes that are redeemed on or after April 15, 2031 will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

 

2051 Notes: The redemption price for the 2051 Notes that are redeemed prior to January 15, 2051 (six months prior to the stated maturity date of the notes) will be equal to the sum of: (1) 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date; and (2) a make-whole amount based on a reinvestment rate equal to 25 basis points plus the weekly yield for the most recent week set forth in the most recent statistical release for the constant maturity U.S. Treasury security (rounded to the nearest month) corresponding to the remaining life to maturity (assuming that the notes mature on July 15, 2051), as of the payment date of the principal being redeemed. The redemption price for notes that are redeemed on or after January 15, 2051 will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

Joint Book-Running Managers:   

BofA Securities, Inc.

J.P. Morgan Securities LLC

Wells Fargo Securities, LLC

BMO Capital Markets Corp.

Citigroup Global Markets Inc.

Morgan Stanley & Co. LLC

PNC Capital Markets LLC

Raymond James & Associates, Inc.

U.S. Bancorp Investments, Inc.

Co-Managers:   

Mizuho Securities USA LLC

Scotia Capital (USA) Inc.

Regions Securities LLC

RBC Capital Markets, LLC

Samuel A. Ramirez & Company, Inc.

CUSIP:   

2031 Notes: 02666T AC1

2051 Notes: 02666T AD9

ISIN:   

2031 Notes: US02666TAC18

2051 Notes: US02666TAD90

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn at any time.

** The issuer expects that delivery of the notes will be made to investors on or about July 8, 2021, which will be the fifth business day following the date of this pricing term sheet (such settlement being referred to as “T+5”). Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the second business day before the settlement date will be required, by virtue of the fact that the notes initially will settle in T+5, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisors.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. at 1-800-294-1322, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Wells Fargo Securities, LLC at 1-800-645-3751.

This pricing term sheet does not constitute an offer to sell, or a solicitation of an offer to buy any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.