Benzinga | Aug 17, 2020 07:42PM EDT

American Homes 4 Rent Announces Pricing of 13M Common Shares for Gross Proceeds of $364M; $28/Share

American Homes 4 Rent (NYSE:AMH) (the "Company") today announced that it has priced an underwritten public offering of 13,000,000of its Class A common shares of beneficial interest, $0.01 par value per share ("Class A common shares"), for expected gross proceeds of approximately $364.0 million, before deducting underwriting discounts and commissions and other offering expenses. The offering was upsized from an original offering size of 11,000,000 Class A common shares to a final offering size of 13,000,000 Class A common shares.The Company also granted to the underwriters a 30-day option to purchase up to an additional 1,950,000 Class A common shares. The offering is subject to customary closing conditions and is expected to close on or about August 20, 2020.

The Company intends to use the net proceeds from the offering to repay indebtedness under its revolving credit facility, to develop new single-family properties and communities, to acquire and renovate single-family properties and for general corporate purposes. The foregoing application may be effected through the Company's operating partnership by the Company contributing a portion of the net proceeds to its operating partnership in exchange for Class A partnership units.

BofA Securities and Morgan Stanley are acting as joint book-running managersfor the offering.