Invitation Homes [NYSE: INVH] announced that it has entered into a $3.5 billion syndicated sustainability-linked credit facility, where BBVA USA acted as sole Sustainable Agent & Coordinator, and as a Documentation Agent, Joint Lead Arranger and Joint Bookrunner.
With the announcement, Invitation Homes, a leading owner-operator of single-family rental homes, became the first U.S. Real Estate Investment Trust (REIT) to both link an Environmental, Social and Governance (ESG) score to pricing grid and to name a Sustainable Agent & Coordinator for their sustainability-linked revolving credit facility (RCF).
For Invitation Homes, linking its RCF to independently verified ESG metrics underscores its commitment to creating a better way to live and to being a force for positive change, while at the same time advancing efforts that make it more innovative and its processes more sustainable.
The price adjustment of the RCF is based on Invitation Homes’ GRESB score, an aggregate ESG metric that is independently measured and validated by The Global ESG Benchmark for Real Assets, or GRESB.
As one of the dominant players in the sustainable loan business, BBVA USA was pleased to support Invitation Homes on this milestone transaction.
BBVA USA President and CEO Javier Rodriguez Soler: We are proud to work directly with Invitation Homes to advance their sustainability agenda.
“We are proud to work directly with Invitation Homes to advance their sustainability agenda,” said BBVA USA President and CEO Javier Rodriguez Soler. “Sustainability is a core competency, now more than ever, and we anticipate that the demand for loans such as these will only grow as consumers and investors demand full transparency around ESG from the companies they do business with.”
In addition to maintaining sustainability as one of the core pillars in its global strategic plan, BBVA has a history of assisting customers with sustainable finance solutions in both bonds and loans across its global footprint.
BBVA published a framework for the issuing of bonds linked to the United Nations’ Sustainable Development Goals (SDGs) in April 2018. Between 2018 and June 2020, the bank has secured €40 billion in sustainable finance globally. This represents 40 percent of the €100 billion announced in its Pledge 2025.
BBVA has led 30 issues of green, social and sustainable bonds from clients in the Americas (U.S. and Mexico) and in Europe (Spain, U.K., France, Germany and Portugal) for a total of €19.2 billion from January 1 through October 30, 2020.
Founded in 2012 and listed on the NYSE since 2017, Invitation Homes is the nation’s premier single-family home leasing company, serving residents across its high-quality portfolio of approximately 80,000 homes in 16 targeted US markets, primarily focused in high-growth Western and Southeastern markets. Invitation Homes maintains a fully-internalized, integrated operating platform to renovate, lease, maintain and manage their portfolio. The company's mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.