M/I Homes gets new $500 million credit facility

By Sara Rosenberg

New York, Sept. 29 - M/I Homes Inc. closed on a new $500 million credit facility due 2008. J.P. Morgan Securities Inc. was the lead bank on the deal.

The facility replaces a $315 million facility that was set to mature in 2006, according to a company news release.

"Our growth strategy is to increase units by approximately 15% in each of the next three years with the majority of the planned expansion occurring in our Florida, Washington, D.C., and North Carolina markets. This improvement in our capital structure is vital to achieving our growth goals," said Robert H. Schottenstein, chief executive officer and president, in the release.

M/I Homes is a Columbus, Ohio-based builder of single-family homes.

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