By Paul A. Harris
Portland, Ore., Aug. 9 – M/I Homes, Inc. priced $300 million issue of 8.5-year senior bullet notes (Ba3/BB-) at par to yield 3.95% in a Monday drive-by, according to market sources.
The yield printed inside of the 4% to 4 1/8% guidance.
J.P. Morgan Securities LLC managed the sale.
The Columbus, Ohio-based home builder plans to use a portion of the proceeds to redeem all $250 million of its outstanding 5 5/8% senior notes due 2025, with the balance to be used for general corporate purposes.
| Issuer: | M/I Homes, Inc.
|
| Amount: | $300 million
|
| Maturity: | Feb. 15, 2030
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 3.95%
|
| Price: | Par
|
| Yield: | 3.95%
|
| Call protection: | Non-callable
|
| Trade date: | Aug. 9
|
| Settlement date: | Aug. 23
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Talk: | 4% to 4 1/8% guidance
|
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