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Colony Plans $513.6 Million of Debt Tied to Rental Payments

Colony American Homes Inc., the third-largest single-family landlord in the U.S., is selling $513.6 million of bonds tied to rental payments, according to deal documents.

The securities are linked to 3,399 properties in 20 metropolitan areas in seven states, the document shows, and the homes were fully leased as of Feb. 1. The deal would be the second connected to rental homes after Blackstone Group LP, the largest single-family landlord, issued the first such bond last year. Santa Monica, California-based Colony owns more than 15,600 homes.