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Colony Starwood prices, upsizes public offering to help fund $815M portfolio buy

Colony Starwood Homes priced its public offering of 11.6 million common shares to raise gross proceeds of around $406.0 million. The offering was upsized from an initial size of 8.5 million common shares.

The net proceeds from the offering will be used to partially fund the company's $815 million purchase of a portfolio of 3,106 single-family rental homes. The remainder will be used to repay some of the company's debt and for general corporate purposes.

The offering will also include 11,433,187 common shares offered by certain selling shareholders for roughly $400.2 million in gross proceeds. Additionally, underwriter BofA Merrill Lynch has been granted a 30-day option to buy up to 3,454,978 additional common shares from the company.

The offering is expected to close June 9, subject to closing conditions.