M/I Homes plans to sell $50 million five-year convertibles to yield 3%-3.5%, up 35%-40%

By Rebecca Melvin

New York, Sept. 5 - M/I Homes Inc. plans to price $50 million of five-year convertible senior notes after the market close on Wednesday that were talked to yield 3% to 3.5% with an initial conversion premium of 35% to 40%, according to market sources.

M/I Homes is also pricing a concurrent offering of 2.2 million of common shares.

There is a $7.5 million greenshoe for the notes.

Both registered offerings are being sold via joint bookrunners J.P. Morgan Securities LLC and Citigroup Global Markets Inc.

The notes will be non-callable for five years with no puts. There is dividend and takeover protection.

Proceeds will be used for general corporate purposes.

Columbus, Ohio-based M/I Homes is a residential home builder.

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