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Tricon American Homes commences single-family rental securitization deal

Tricon Capital Group Inc.'s single-family rental unit Tricon American Homes kicked off an offering of a fixed-rate securitization deal with a six-year term.

The deal involves the issuance and sale of single-family rental pass-through certificates representing beneficial ownership interests in a loan secured by a portion of the subsidiary's portfolio of single-family rental properties.

The transaction is intended to repay a further portion of Tricon American's credit facility that was set up to fund its acquisition of Silver Bay Realty Trust Corp., to reduce the company's cost of capital over the long term and to extend the term structure of its debt.