M/I Homes gets $600 million amended, restated credit facility

By Sara Rosenberg

New York, April 27 - M/I Homes Inc. closed on an amended and restated credit facility that increased the size of the deal to $600 million from $500 million but left the maturity at Sept. 26, 2008, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

JPMorgan Chase Bank is the agent on the deal.

Interest on the loan can range from Libor plus 100 basis points to Libor plus 175 basis points, depending on ratings. The initial interest rate is Libor plus 150 basis points.

The commitment fee can range from 20 basis points to 30 basis points, also depending on ratings. The initial commitment fee is 25 basis points.

The facility, which closed April 22, also contains a $150 million accordion feature.

At closing, the company had $225 million in borrowings and letters of credit outstanding under the amended and restated facility.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.