Convertibles Calendar: M/I Homes to price $50 million

March 5

M/I HOMES INC. (NYSE: MHO): $50 million of five-year convertible senior notes; pricing late Tuesday; talked to yield 2.75%-3.25%, up 35%-40%; concurrent offering of 2.14 million common shares; $7.5 million greenshoe of notes; bookrunners Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC; co-managers Comerica Securities, the Huntington Investment Co., PNC Capital Markets LLC and US Bancorp; non-callable for three years and then provisionally callable at 130% price hurdle; proceeds to redeem a portion of the company's outstanding 9.75% series A preferred shares and for general corporate purposes; Columbus, Ohio-based residential home builder.

March 6

INVESCO MORTGAGE CAPITAL INC. (NYSE: IVR): $250 million of five-year convertibles; via operating partnership IAS Operating Partnership LP; seen pricing after the market close Wednesday; talked to yield 5%-5.5%, up 10%-15%; Rule 144A; joint bookrunners Credit Suisse Securities (USA) Inc., Citigroup Global Markets Inc. and BofA Merrill Lynch; $37.5 million over-allotment option; non-callable for life; change-of-control and dividend protection; net share settlement; proceeds to purchase target assets and for general corporate purposes; Atlanta-based investor in residential and commercial mortgage-backed securities and mortgage loans.

March 7

MGIC INVESTMENT CORP. (NYSE: MTG): $350 million of seven-year convertible notes; seen pricing by Thursday; talked to yield 3.75%-4.25%, up 27.5%-32.5%; concurrent offering of 135 million shares of common stock; registered, bookrunner Goldman Sachs & Co.; $50 million greenshoe of notes; non-callable for four years, then provisionally callable subject to a 130% price hurdle; no puts; takeover and dividend protection; proceeds for general corporate purposes, including increasing capital of subsidiaries and debt service; Milwaukee-based mortgage insurer.

International Convertibles Calendar

ON THE HORIZON

ASIA CEMENT CORP. (Taiwan: 1102): less than $300 million of euro convertible bonds; tentatively set 0% coupon and five-year maturity; proceeds to repay loans, to purchase overseas raw materials and for operating capital; Taipei, Taiwan, cement producer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.