CALABASAS, Calif., April 19, 2021 /PRNewswire/ -- American
Homes 4 Rent (NYSE: AMH) (the "Company"), a leading provider of
high-quality single-family homes for rent, today announced that the
Company and its operating partnership, American Homes 4 Rent, L.P.
(the "Borrower"), successfully closed a $1.25 billion, sustainability-linked revolving
credit facility (the "Credit Facility"), amending its existing
$800 million revolving credit
facility. The amended revolving credit facility provides for
expanded borrowing capacity to continue to support the Company's
growth initiatives, reflects a more favorable pricing grid based on
current market conditions, and includes a sustainability component
based upon third-party performance measures through which overall
pricing can further improve if the Company meets certain
targets.
"We are pleased to announce the closing of our upsized credit
facility which reflects our continued strategic focus on outsized
external growth as well as dedication to sustainability and sound
ESG principles," stated Chris Lau,
American Homes 4 Rent's Chief Financial Officer. "Our flexible
balance sheet and access to investment grade capital continue to be
a key differentiator for American Homes 4 Rent. We appreciate
the strong support from our bank group and believe the closing of
our upsized credit facility reflects their confidence in our
future."
The amended revolving credit facility has an initial maturity
date of April 15, 2025 and may be
extended for up to one year through the exercise of two six-month
extension options at the Borrower's option if certain conditions
are met. As of April 15, 2021
$80 million was outstanding under the
existing revolving credit facility.
The interest rate on the amended revolving credit facility is at
either LIBOR plus a margin ranging from 0.725% to 1.45% or a base
rate (determined according to the greater of a prime rate, federal
funds rate plus 0.5% or daily LIBOR rate plus 1.0%) plus a margin
ranging from 0.00% to 0.45%. In each case the actual margin is
determined based on the Company's credit ratings in effect from
time to time.
A total of 15 lenders participated in the Company's Credit
Facility, including Wells Fargo Bank, National Association as
Administrative Agent and JPMorgan Chase Bank, N.A. as Syndication
Agent. Additional lenders include Bank of America, N.A., PNC Bank,
National Association, Raymond James
Bank, N.A., Bank of Montreal, Mizuho
Bank, LTD., Morgan Stanley Bank, N.A., The Bank of
Nova Scotia, U.S. Bank National
Association, Citibank, N.A., Regions Bank, City National Bank,
Associated Bank, N.A., and BBVA USA as the Sustainability Agent. Wells Fargo
Securities, LLC, JPMorgan Chase Bank, N.A., and BofA Securities,
Inc. were the Joint Lead Arrangers and Joint Book Runners, and PNC
Capital Markets LLC and Raymond James
Bank, N.A. were Joint Lead Arrangers.
About American Homes 4 Rent
American Homes 4 Rent (NYSE: AMH) is a leader in the
single-family home rental industry and "American Homes 4 Rent" is
fast becoming a nationally recognized brand for rental homes, known
for high-quality, good value and tenant satisfaction. We are an
internally managed Maryland real
estate investment trust, or REIT, focused on acquiring, developing,
renovating, leasing, and operating attractive, single-family homes
as rental properties. As of December 31,
2020, we owned 53,584 single-family properties in selected
submarkets in 22 states.
Additional information about American Homes 4 Rent is available
on our website at www.americanhomes4rent.com.
Contacts:
American Homes 4 Rent
Investor Relations
Anne McGuinness
Phone: (855) 794-2447
Email: investors@ah4r.com
American Homes 4 Rent
Media Relations
Megan Grabos
Phone: (805) 413-5088
Email: media@ah4r.com
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SOURCE American Homes 4 Rent