0001716558-19-000003.txt : 20190115 0001716558-19-000003.hdr.sgml : 20190115 20190115170924 ACCESSION NUMBER: 0001716558-19-000003 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20190115 DATE AS OF CHANGE: 20190115 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: 333-221878-02 FILM NUMBER: 19527617 BUSINESS ADDRESS: STREET 1: 30601 AGOURA ROAD, SUITE 200L CITY: AGOURA HILLS STATE: CA ZIP: 91301 BUSINESS PHONE: 8054135300 MAIL ADDRESS: STREET 1: 30601 AGOURA ROAD, SUITE 200L CITY: AGOURA HILLS STATE: CA ZIP: 91301 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: 30601 AGOURA ROAD, SUITE 200L CITY: AGOURA HILLS STATE: CA ZIP: 91301 BUSINESS PHONE: 8054135300 MAIL ADDRESS: STREET 1: 30601 AGOURA ROAD, SUITE 200L CITY: AGOURA HILLS STATE: CA ZIP: 91301 FWP 1 a1-15x19fwpbondofferingdoc.htm FWP Document


Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-221878-02
Pricing Term Sheet
January 15, 2019
AMERICAN HOMES 4 RENT, L.P.
Pricing Term Sheet
Issuer:
American Homes 4 Rent, L.P.
 
 
Ratings*:
Moody’s/S&P (Baa3/BBB-)
 
 
Trade Date:
January 15, 2019
 
 
Settlement Date**:
January 23, 2019 (T+5)
 
 
Size:
$400,000,000
 
 
Maturity Date:
February 15, 2029
 
 
Coupon:
4.900%
 
 
Benchmark Treasury:
3.125% due November 15, 2028
 
 
Benchmark Treasury Price:
103-16+
 
 
Benchmark Treasury Yield:
2.715%
 
 
Spread to Benchmark Treasury:
T+225 basis points
 
 
Yield to Maturity:
4.965%
 
 
Price:
99.486% of face amount
 
 
Interest Payment Dates:
February 15 and August 15, commencing August 15, 2019
 
 
Redemption Provisions:
The redemption price for notes that are redeemed prior to November 15, 2028 (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 35 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, 2028), as of the payment date of the principal being redeemed.

The redemption price for notes that are redeemed on or after November 15, 2028 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
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Morgan Stanley & Co. LLC
BBVA Securities, Inc.
Citigroup Global Markets Inc.
Wells Fargo Securities, LLC
 
 




Co-Managers:
B. Riley FBR, Inc.
Goldman Sachs & Co. LLC
PNC Capital Markets LLC
Samuel A. Ramirez & Company, Inc.
RBC Capital Markets, LLC
UBS Securities LLC
U.S. Bancorp Investments, Inc.

 
 
CUSIP:
02666T AB3
 
 
ISIN:
US02666TAB35
 
 
*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 January 23, 2019, 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 J.P. Morgan Securities LLC collect at 1-212-834-4533, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322 or Morgan Stanley & Co. LLC toll-free 1-866-718-1649.