American Homes 4 Rent priced its underwritten public offering of 12.0 million class A common shares to raise roughly $266 million.
The company said proceeds from the upsized offering will be used to repay debt incurred from its revolving credit facility and term loan facility for the renovation of single-family properties, for working capital, and for general corporate expenditures, including share buybacks under its repurchase program.
Originally sized 10.0 million, the offering comes with a 30-day option for underwriters to purchase up to 1.8 million more of the class A common shares. It is expected to close on or about Aug. 18, subject to customary conditions.
Bank of America Merrill Lynch and Citigroup are acting as the offering's joint book-running managers.