M/I Homes gets $140 million revolving credit facility led by PNC Bank

By Sara Rosenberg

New York, June 14 - M/I Homes Inc. closed on a new $140 million three-year secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

PNC Bank acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on June 9. JPMorgan and the Huntington National Bank acted as co-syndication agents, and Fifth Third Bank and US Bank acted as co-documentation agents.

Pricing on the revolver is Libor plus 450 basis points with a 75 bps commitment fee.

Initially, the revolver was sized at $125 million, but it was increased during syndication as a result of oversubscription.

Covenants include a consolidated tangible net worth requirement, a maximum leverage ratio of 1.50 times and a minimum interest coverage ratio of 1.5 times.

Proceeds were used to replace the company's previous $150 million revolver that was scheduled to mature in October.

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

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