Invitation Homes’ $500M Senior Notes Offering

The Opportunity

Invitation Homes, the nation's premier owner and operator of single-family rental homes, sought to strengthen its balance sheet and enhance financial flexibility through a $500 million senior notes offering. The company intended to use the proceeds for general corporate purposes, including the potential repayment of existing indebtedness, while maintaining the capital needed to support its long-term growth strategy.

Zelman's Role

Building on its longstanding relationship with Invitation Homes, including its role as exclusive advisor to RESICAP on the sale of ResiBuilt to Invitation Homes earlier this year, Zelman, a Walker & Dunlop company, was selected to serve as Co-Manager on the senior notes offering. Leveraging its deep expertise in the homebuilding and single-family rental sectors, Zelman supported the execution of the transaction and helped position the offering with institutional investors.

The Outcome

The $500 million offering of 4.950% Senior Notes due 2032 was successfully completed, providing Invitation Homes with efficient access to long-term capital and additional financial flexibility.

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The transaction further strengthened Zelman's relationship with Invitation Homes while demonstrating Zelman's continued leadership in advising the housing industry's most prominent companies across both strategic advisory and capital markets engagements.

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^{Zelman Partners LLC ("Zelman"), a registered broker-dealer and a member of FINRA/SIPC, served as Co-Manager on the transaction described above. This case study is provided for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, nor does it constitute investment, legal, or tax advice. Zelman & Associate’s equity research department maintains independent research coverage on Invitation Homes (NYSE: INVH). This case study was prepared by Zelman's investment banking personnel, not by research analysts, and does not represent the views, ratings, or price targets of Zelman's research department. Zelman maintains information barriers between its research and investment banking functions designed to prevent investment banking activities from influencing research content, consistent with FINRA Rule 2241. Past transactions are not indicative of future results. This case study reflects publicly available information as of the date of the transaction.}

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