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American Homes 4 Rent Prices 6.5% Series D Preferred Share Offering


American Homes 4 Rent (NYSE: AMH) disclosed the pricing of its public offering of 9.0 million of its 6.5% Series D Preferred Shares, which was underwritten. According to the company, it would raise gross proceeds of about $225 million.

American Homes said the Series D Preferred Shares have an initial liquidation preference of $25 per share. The company indicated that the offering would close on May 24, subject to customary closing conditions. The Company revealed it also granted the underwriters a 30-day option to acquire a maximum of an additional 1.35 million Series D Preferred Shares at the public offering price solely to cover over-allotments, if any.

The Company plans to apply to list the Series D Preferred Shares on the New York Stock Exchange under the symbol "AMHPRD." The Company expects the trading to start 30 days after the initial delivery of the Series D Preferred Shares if the application is approved.

At the same time, American Home said that with the completion of the offering, the daughter of the Chairman, Tamara Hughes Gustavson, would acquire $10 million of Series D Preferred Shares through a private placement at the public offering price. That would take the total expected gross process to $235 million from the public and private placement.

The Company plans to contribute the net proceeds to its operating partnership from the offering and the concurrent private placement in exchange for Series D operating partnership units. The company added that the operating partnership plans to use the net proceeds from the contribution to repay indebtedness incurred or expected to be incurred under its credit facility, to acquire single-family properties and for general corporate purposes.

The joint book-runners to the issue were Raymond James, FBR, Keefe, Bruyette & Woods, A Stifel Company, and Wells Fargo Securities while and BB&T Capital Markets, Janney Montgomery Scott, Oppenheimer & Co. and Wunderlich were the co-managers for the offering.


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