American Residential Properties Prices $342M Securitization Transaction
American Residential Properties, Inc. (NYSE: ARPI) (the "Company") announced today that it has priced its previously disclosed securitization transaction. The transaction involves the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by approximately 2,876 homes from the Company's portfolio of single-family properties. The Company anticipates gross proceeds from the sale of its certificates of approximately $342 million from the offering, with a duration-weighted blended interest rate of LIBOR plus 211 basis points. The securitization transaction is intended to reduce the Company's cost of capital over the long term and is expected to close on or about August 26, 2014.
The certificates will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The certificates will be offered and sold in the United States in accordance with Rule 144A. This press release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of the certificates in any jurisdiction in which such offer, solicitation or sale would be unlawful under the laws of such jurisdiction.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.