June 14, 2010 / 9:24 PM / 8 years ago

UPDATE 1-M/I Homes enters new $140 mln credit facility

* Says replaces $150 mln credit facility

* Says paid outstanding obligation under prior facility

June 14 (Reuters) - Single-family homebuilder M/I Homes Inc (MHO.N) said it entered into a new three-year revolving credit facility of $140 million with a group on nine banks, replacing a $150 million credit facility maturing in October 2010.

In a filing with the U.S. Securities and Exchange Commission, the company said as a condition of the termination of the prior credit agreement, it paid its outstanding obligations under the agreement, but incurred no prepayment premiums.

The company said PNC Bank and National Association would be the Administrative Agent for the new credit facility.

    Shares of the company were trading up a percent at $10.87 in trading after the bell. They closed at $10.74 Monday on the New York Stock Exchange. (Reporting by Megha Mandavia in Bangalore; Editing by Prem Udayabhanu)

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