89.3 F
San Fernando
Wednesday, Dec 6, 2023

Corporate Briefs: American Homes, Ryland, Public Storage, Wesco

American Homes 4 Rent announced on Friday another securitization that is expected to bring gross proceeds of $528 million. The Agoura Hills real estate investment trust said the bond offering will be backed by rental payments from 4,503 single-family homes. The offering is expected to close on or about Nov. 25. This is the third such securitization the company has announced in six months as the company continues to buy more single-family homes. In September, the company raised $488 million through a securitization offering and $481 million in May through a similar transaction. American Homes is the second-largest single-family landlord in the nation, owning 30,877 single-family properties in 22 states as of Sept. 30. Shares closed up 2 cents to $17.36 on the New York Stock Exchange. Ryland Group Inc. announced on Friday it obtained a $300 million unsecured revolving credit facility. The Westlake Village homebuilder said the credit line, which matures in 2018, may be increased up to a maximum of $450 million. Citigroup Global Markets, J.P. Morgan Securities, Bank of the West, RBS Securities and Wells Fargo Securities acted as joint lead arrangers and joint book-runners for the transaction. Ryland has built more than 310,000 homes in nearly 300 communities in 17 states. Shares closed up 44 cents, or more than 1 percent, to $38.81 on the New York Stock Exchange. Public Storage Inc. is raising $175 million through a secondary offering of depositary shares. The Glendale real estate investment trust said it will sell 7 million shares at $25 each in an offering expected to close on or about Dec. 2. The company said it will use the proceeds to make investments in self-storage facilities and in entities that own self-storage facilities, for the development of self-storage facilities and for general corporate purposes. Merrill Lynch; Pierce, Fenner & Smith; Morgan Stanley & Co; UBS Securities; and Wells Fargo Securities are acting as joint book-running managers of the offering, announced Thursday. Shares closed up $1.50, or nearly a percent, to $185.48 on the New York Stock Exchange. The chief financial officer of Wesco Aircraft Holdings Inc. is stepping down. Gregory Hann will retire on March 31, but will remain as a consultant for the Valencia aerospace supplier for the following 12 months. He has been with Wesco in the position since 2009. Wesco Chief Executive Randy Snyder said Hann leaves with the company in a strong financial position. “He has provided financial leadership through our initial public offering, several debt refinancing transactions and strategic acquisitions,” Snyder said in a prepared statement. The retirement was announced after markets closed on Thursday. Shares on Friday fell $3.16, or about 18 percent, to $13.98 on the New York Stock Exchange.

Featured Articles

Related Articles