Issuer: | American Homes 4 Rent, L.P. |
Guarantor: | American Residential Properties OP, L.P. |
Ratings*: | Moody’s/S&P (Baa3/BBB-) |
Trade Date: | January 31, 2018 |
Settlement Date: | February 7, 2018 (T+5) |
Size: | $500,000,000 |
Maturity Date: | February 15, 2028 |
Coupon: | 4.250% |
Benchmark Treasury: | 2.250% due November 15, 2027 |
Benchmark Treasury Price: | 95-26+ |
Benchmark Treasury Yield: | 2.739% |
Spread to Benchmark Treasury: | T+158 basis points |
Yield to Maturity: | 4.319% |
Price: | 99.442% of face amount |
Interest Payment Dates: | February 15 and August 15, commencing August 15, 2018 |
Redemption Provisions: | The redemption price for notes that are redeemed prior to November 15, 2027 (3 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 November 15, 2027), as of the payment date of the principal being redeemed. The redemption price for notes that are redeemed on or after November 15, 2027 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: | J.P. Morgan Securities LLC Citigroup Global Markets Inc. Merrill Lynch, Pierce, Fenner & Smith Incorporated Morgan Stanley & Co. LLC Wells Fargo Securities, LLC |
Co-Managers: | BBVA Securities Inc. Evercore Group L.L.C. Goldman Sachs & Co. LLC JMP Securities LLC Keefe, Bruyette & Woods, Inc. PNC Capital Markets LLC RBC Capital Markets, LLC Samuel A. Ramirez & Company, Inc. U.S. Bancorp Investments, Inc. Zelman Partners LLC |
CUSIP: | 02666T AA5 |
ISIN: | US02666TAA51 |