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Moody's rates M/I Homes convertibles Caa2
Moody's Investors Service said it assigned a Caa2 rating to M/I Homes' proposed $50 million convertible senior subordinated note offering due 2017.
At the same time, Moody's affirmed the company's B3 corporate family and probability of default ratings, Caa1 rating on the existing senior unsecured notes, Caa3 rating on series A preferred shares and SGL-3 speculative grade liquidity assessment.
The outlook is stable.
The convertible senior subordinated notes are being offered concurrently with 2.2 million shares of common stock.
The combined proceeds of the note and the equity offerings, estimated at $90 million, will be used for general corporate purposes, including land acquisition and development, home construction, liquidity, and debt repayments.
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