| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for M/I Homes, Inc. > News item |
M/I Homes amends, extends revolver via PNC, cuts to Libor plus 250 bps
By Susanna Moon
Chicago, Oct. 23 – M/I Homes, Inc. amended its unsecured revolving credit facility on Monday, extending the facility to Oct. 20, 2018, according to an 8-K filing with the Securities and Exchange Commission.
J.P. Morgan Securities LLC, PNC Capital Markets LLC, Wells Fargo Securities, LLC and Citigroup Global Markets Inc. are the joint lead arrangers and joint bookrunners.
PNC Bank, NA is the swingline lender, an issuing lender and administrative agent; JPMorgan Chase Bank, NA and Wells Fargo Bank, NA and Citibank, NA are the co-syndication agents; and Comerica Bank, Huntington National Bank, U.S. Bank NA are the co-documentation agents.
Pricing was reduced to Libor plus 250 basis points initially, with a spread of Libor plus 225 bps to 275 bps, based on leverage. The commitment fee ranges from 40 bps to 50 bps.
The company also increased the maximum borrowing availability to $300 million from $200 million and the accordion to up to $400 million with additional commitments.
The sub-facility for letters of credit was increased to $125 million.
The amendment also modified the borrowing base to provide for additional availability.
The company increased the required minimum tangible net worth to $353.9 million plus (i) 50% of cumulative consolidated net income, earned from and after June 30 and (ii) 50% of the net proceeds of any of the company’s equity offerings beginning June 30, excluding proceeds used to refinance the company’s 9¾% series A preferred shares.
The maturity was extended from July 18, 2016.
M/I Homes builds single-family homes and is based in Columbus, Ohio.
© 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.