Simpson Thacher advised Invitation Homes Inc. on its initial public offering of 88,550,000 shares of common stock (including shares sold pursuant to the underwriters’ option to purchase additional shares) at a price to the public of $20 per share resulting in gross proceeds of $1.771 billion. The shares began trading on the New York Stock Exchange under the ticker symbol “INVH” on February 1, 2017. The underwriting syndicate was led by Deutsche Bank Securities and J.P. Morgan. The transaction is the second largest IPO in history by a U.S. real estate investment trust.
Concurrently with the completion of the IPO, the Firm represented Invitation Homes in connection with senior secured credit facilities consisting of a $1 billion revolving credit facility and a $1.5 billion term loan facility.
Invitation Homes is a leading owner and operator of single-family homes for lease, with a portfolio of nearly 50,000 homes in 13 markets across the United States.
The Simpson Thacher team included Josh Bonnie, Edgar Lewandowski, Will Golden, Kalliope Kefallinos and Brian E. Jones (Capital Markets); Brian Stadler, Judy Huang and Jonathan Zane (M&A); Brian Gluck, Benjamin Baucom, Derek Stueben and Jessie Chen (Credit); Greg Ressa, Michael Goldberg, Mark Semotiuk and Natalie Winkelman (Real Estate); Gregory Grogan, Jennifer Pepin and Caitlin Lucey (Executive Compensation and Employee Benefits); Nancy Mehlman, Jacqueline Clinton and Jasmine Hay (Tax); and Brad Goldberg, Ellen Smiley and James Rapp (Public Company Advisory Practice).