American Homes 4 Rent (AMH) expects to net about $481 million from a previously disclosed securitization transaction.

The Agoura Hills, Calif.-based company announced earlier this month its plan to issue pass-through certificates backed by a loan that is secured by more than 3,850 single-family rental properties.

American Homes 4 Rent will pay a blended interest rate of the London Interbank Offered Rate plus 154 basis points on the bond issue. In March, Colony American Homes sold a comparably sized $513.6 million debt deal tied to rental properties.

The transaction is expected to close on or about May 21, in a private sale that is subject to certain exemptions and requirements in accordance with Rule 144A under the Securities Act.

Related:

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