Moody's rates M/I Homes preferred B2

Moody's Investors Service assigned a B2 (LGD6, 94%) rating to M/I Homes, Inc.' planned $100 million series A preferred stock, the proceeds of which will be used to repay amounts outstanding under the company's $650 million revolving credit facility. On Dec. 31, the amount outstanding was $410 million.

The agency said the B2 rating reflects the preferred stock's deep subordination to the company's other debt. Moody's also predicted that the issuance of the preferred stock will not have a significant impact on the company's capital structure.

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