M/I Homes Inc Announces Pricing of Convertible Senior Subordinated Notes Due 2018 and 2.14 Million Common Shares


Tuesday, 5 Mar 2013 07:46pm EST 

M/I Homes Inc announced the pricing and upsizing to $75 million aggregate principal amount of its previously announced public offering of convertible senior subordinated notes due 2018. The Company also granted to the underwriters an option to purchase up to an additional $11.25 million aggregate principal amount of notes. Citigroup, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the notes offering. The notes will pay interest semi-annually in arrears at a rate of 3.0% per year and will mature on March 1, 2018, unless earlier redeemed, purchased or converted. The Company also announced the pricing of the concurrent public offering by the Company of 2.14 million of its common shares, at a public offering price of $23.50 per share. The Company granted to the underwriters an option to purchase up to an additional 321,000 common shares. J.P. Morgan, Citigroup and Wells Fargo Securities are acting as joint book-running managers for the offering of common shares. The Company intends to use approximately $50 million of the net proceeds of the notes offering and the concurrent offering of common shares to redeem 2,000 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. 

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