American Homes 4 Rent's operating partnership priced a $400 million offering of 4.900% senior notes due Feb. 15, 2029, with the notes to be issued at 99.486% of par value.
Interest on the notes is payable semiannually in arrears every Feb. 15 and Aug. 15, starting Aug. 15.
The single-family rental real estate investment trust expects the offering to close on or about Jan. 23.
American Homes 4 Rent LP plans to use the net proceeds to repay amounts outstanding on its revolving credit facility, with any remaining proceeds to be used for general corporate purposes.
J.P. Morgan, BofA Merrill Lynch and Morgan Stanley are the joint book-running managers for the offering.