Tricon American Homes is marketing its third single-family home rental securitization in a $496.6 million deal consisting mostly of assets acquired in a $1.4 billion merger in February with another SFR operator, Silver Bay Realty Corp.

Tricon American Homes 2017-SFR1 will offer $462.6 million in bonds that include a $200 million senior tranche rated triple-A by Kroll Bond Rating Agency and Morningstar Credit Ratings, as well as $298.6 million in subordinate tranches. Not included in the offering is a $36 million class-G tranche to be retained by the company to comply with U.S. risk retention standards.

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