M/I Homes Inc Announces Proposed Concurrent Offerings Of $50 Million Of Convertible Senior Subordinated Notes Due 2017 And 2.2 Million Common Shares
M/I Homes Inc announced the proposed public offering of $50 million aggregate principal amount of convertible senior subordinated notes due 2017. It expects to grant the underwriters an option to purchase up to an additional $7.5 million aggregate principal amount of notes to cover over-allotments. J.P. Morgan and Citigroup will act as joint book-running managers for proposed notes offering. Interest rate, conversion rate, conversion price and certain other pricing terms of notes will be determined at the time of pricing of offering by the Company and underwriters. The notes will be fully and unconditionally guaranteed on a senior subordinated unsecured basis by those subsidiaries of the Company that, as of date of issuance of the notes, are guarantors under the Company's 8.625% Senior Notes due 2018. The Company also announced the proposed concurrent public offering by the Company of 2.2 million of common shares. The Company expects to grant the underwriters an option to purchase up to an additional 330,000 common shares to cover over-allotments. Citigroup and J.P. Morgan will act as joint book-running managers for the proposed offering of common shares. The Company intends to use the net proceeds of the notes offering and the concurrent offering of common shares for general corporate purposes, which may include acquisitions of land, land development, home construction, capital expenditures, increasing working capital, repayment of indebtedness and other related purposes.
- Share this
- Digg this