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M/I Homes replaces revolver with $200 million three-year revolver
By Angela McDaniels
Tacoma, Wash., July 19 - M/I Homes, Inc. entered into a new $200 million unsecured revolving credit facility due July 18, 2016, according to an 8-K filing with the Securities and Exchange Commission.
J.P. Morgan Securities LLC, PNC Capital Markets LLC and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners.
PNC Bank, NA is the administrative agent. JPMorgan Chase Bank, NA and Wells Fargo Bank, NA are the co-syndication agents. Citibank, NA, Comerica Bank, Huntington National Bank and U.S. Bank NA are the co-documentation agents. Regions Bank and Texas Capital Bank, NA are lenders.
The interest rate is Libor plus 325 basis points.
The revolver includes a $100 million letter-of-credit sublimit and has an uncommitted $25 million accordion feature.
Availability is subject to a borrowing base.
The financial covenants include a maximum leverage ratio of 60%, a minimum consolidated tangible net worth requirement and a minimum interest coverage ratio or liquidity requirement.
At closing on Thursday, there were $14.5 million of letters of credit and no borrowings outstanding under the revolver.
The new revolver replaces the company's previous $140 million secured revolver due Dec. 31, 2014. No borrowings were outstanding under the old revolver when it was replaced, and all letters of credit issued and outstanding under the old revolver became part of the letter-of-credit subfacility under the new revolver.
The new revolver is guaranteed by the same subsidiaries that guaranteed the old revolver.
The new revolver provides the company with additional financial flexibility, chief executive officer and president Robert Schottenstein said in the release.
M/I Homes builds single-family homes and is based in Columbus, Ohio.
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