Invitation Homes’ US$3.5 Billion Sustainability-Linked Credit Facility


Sidley Austin LLP advised Invitation Homes Inc. on the deal.

Invitation Homes Inc. (NYSE: INVH) obtained a US$3.5 billion sustainability-linked syndicated credit facility agented by Bank of America, N.A., with BBVA USA acting as Sustainable Agent and Coordinator. The credit facility consists of a US$1 billion revolving credit facility and a US$2.5 billion term loan facility.

Consistent with INVH’s overall Environmental, Social, and Governance (ESG) initiatives, this innovative transaction provides an economic incentive to the company whereby pricing on the drawn margin on the revolving credit facility reduces based on year-over-year improvements in INVH’s “GRESB Score”. GRESB B.V. is a leading provider of sustainability assessment measurements in the real estate sector. This is the first U.S. REIT syndicated credit facility to both link an ESG score to a pricing grid and to name a Sustainable Agent and Coordinator. The loan facility generated press coverage on Bloomberg, Nasdaq, PR Newswire, and elsewhere.

The Sidley team was led by Annie Wallis (Picture) and Bob Lewis (both Global Finance, Chicago) with assistance from Ashley Whelan, Pablo Puente, and André Washington (Global Finance, Chicago) and Beth Dickstein (Employee Benefits and Executive Compensation, Chicago), Michael Mann (White Collar, New York), Heather Palmer (Environmental, Houston), and Kevin Pryor (Tax Controversy, Chicago).

Involved fees earner: Beth Dickstein – Sidley Austin LLP; Robert Lewis – Sidley Austin LLP; Michael Mann – Sidley Austin LLP; Heather Palmer – Sidley Austin LLP; Kevin Pryor – Sidley Austin LLP; Annie Wallis – Sidley Austin LLP; André Washington – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Invitation Homes Inc.;

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Author: Ambrogio Visconti