Commercial, Finance - June 24, 2022
Invitation Homes Enters Into Sustainability-Linked Loan
Invitation Homes Inc. announced that it has entered into a new $725 million seven-year unsecured term loan maturing in June 2029.
The pricing of the sustainability-linked term loan can improve if the single-family home leasing company meets certain ESG performance targets as determined via an independent third-party evaluation, similar to its existing five-year unsecured credit facility.
The new seven-year delayed draw term loan allows the company to elect to receive a portion of the proceeds at closing with the opportunity to receive the remaining proceeds in up to three additional draws over a six-month period.
“We’re pleased to have received such a strong commitment from established and new banking partners at attractive rates,” said Ernie Freedman, CFO, in a statement. “We believe the new term loan further strengthens our capital structure and offers us additional flexibility to effectively extend our debt maturities and fund other corporate needs on favorable terms.”