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American Homes 4 Rent offers 10 million common shares

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American Homes 4 Rent offers 10 million common shares

American Homes 4 Rent initiated an offering of 10.0 million class A common shares of beneficial interest.

Based on the company's Aug. 14 closing stock price of $22.61 per share and assuming a full exercise of the underwriters' 30-day option to buy up to 1.5 million additional shares, the gross proceeds from the offering are expected to total roughly $260 million.

American Homes said it aims to use the net proceeds to repay debt under its revolving credit facility and term loan facility, to buy and renovate single-family properties, for working capital and for general corporate purposes.

BofA Merrill Lynch and Citigroup are the joint book-running managers for the offering.