M/I Homes Announces Proposed Concurrent Offerings of $50 Million of Convertible Senior Subordinated Notes Due 2018 and 2.14 Million Common Shares

Tue Mar 5, 2013 6:58am EST

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COLUMBUS, Ohio,  March 5, 2013  /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO)
today announced the proposed public offering by the Company of  $50 million 
aggregate principal amount of convertible senior subordinated notes due 2018. 
The Company also expects to grant the underwriters an option to purchase up to
an additional  $7.5 million  aggregate principal amount of notes.  Citigroup,
J.P. Morgan and Wells Fargo Securities will act as joint book-running managers
for the proposed notes offering.

The principal amount of the notes will be convertible into the Company's common
shares.  The interest rate, conversion rate, conversion price and certain other
pricing terms of the notes will be determined at the time of pricing of the
offering by the Company and the underwriters.  The notes will be fully and
unconditionally guaranteed on a senior subordinated unsecured basis by those
subsidiaries of the Company that, as of the date of issuance of the notes, are
guarantors under the Company's outstanding 8.625% Senior Notes due 2018 and
outstanding 3.25% Convertible Senior Subordinated Notes due 2017.

The Company also announced today the proposed concurrent public offering by the
Company of 2.14 million of its common shares.  The Company expects to grant the
underwriters an option to purchase up to an additional 321,000 common shares. 
J.P. Morgan, Citigroup and Wells Fargo Securities will act as joint book-running
managers for the proposed offering of common shares.

The Company intends to use a portion of the net proceeds of the notes offering
and the concurrent offering of common shares to redeem a portion of its
outstanding 9.75% Series A Preferred Shares and to use the balance of such net
proceeds for general corporate purposes, which may include acquisitions of land,
land development, home construction, repayment of indebtedness or dividends on,
or further redemptions of, its 9.75% Series A Preferred Shares. Neither the
notes offering nor the offering of common shares will be conditioned upon
consummation of the other.   

The notes and the common shares will be offered pursuant to separate prospectus
supplements to an effective shelf registration statement (including a
prospectus) that became effective on  September 30, 2011.  Each preliminary
prospectus supplement will be filed with the Securities and Exchange Commission
(the "SEC") and be available on the SEC's website  www.sec.gov.  Alternatively,
printed copies of each preliminary prospectus supplement (and the accompanying
prospectus) may be obtained from J.P. Morgan Securities LLC, Attention:
Broadridge Financial Solutions, 1155 Long Island Avenue,  Edgewood, New York 
11717 or toll free at (866) 803-9204, or Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue,  Edgewood, New York  11717 or toll free at
(800) 831-9146.  

This press release is not an offer to sell or the solicitation of an offer to
buy any of the securities described herein, nor shall there be any offer,
solicitation or sale of such securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful.   

M/I Homes, Inc. is one of the nation's leading builders of single-family homes,
having delivered over 83,000 homes. The Company's homes are marketed and sold
under the trade names M/I Homes, Showcase Homes, and Triumph Homes. The Company
has homebuilding operations in  Columbus  and  Cincinnati, Ohio;  Chicago,
Illinois;  Indianapolis, Indiana;  Tampa  and  Orlando, Florida;  Houston, 
Austin  and  San Antonio, Texas;  Charlotte  and  Raleigh, North Carolina; and
the  Virginia  and  Maryland  suburbs of  Washington, D.C.

Certain statements in this press release are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.  Words such
as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans,"
"believes," "seeks," "estimates," variations of such words and similar
expressions are intended to identify such forward-looking statements.  These
statements involve a number of risks and uncertainties.  Any forward-looking
statements that we make herein and in any future reports and statements are not
guarantees of future performance, and actual results may differ materially from
those in such forward-looking statements as a result of various factors,
including, without limitation, factors relating to the economic environment,
interest rates, availability of resources, competition, market concentration,
land development activities and various governmental rules and regulations, as
more fully discussed in the "Risk Factors" section of the prospectus supplements
for the offerings and the Company's Annual Report on Form 10-K for the year
ended  December 31, 2012, as the same may be updated from time to time in our
subsequent filings with the Securities and Exchange Commission.  There can be no
assurance that the Company will complete the offerings on the terms currently
described in the prospectus supplements or at all.  All forward-looking
statements made in this press release are made as of the date hereof, and the
risk that actual results will differ materially from expectations expressed
herein will increase with the passage of time.  We undertake no duty to publicly
update any forward-looking statements, whether as a result of new information,
future events or otherwise.  However, any further disclosures made on related
subjects in our subsequent filings, releases or presentations should be

SOURCE  M/I Homes, Inc.

M/I Homes, Inc. - Phillip G. Creek, Executive Vice President, Chief Financial
Officer, +1-614-418-8011, or Ann Marie W. Hunker, Vice President, Corporate
Controller, +1-614-418-8225, or Kevin C. Hake, Senior Vice President, Treasurer,

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