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Moody’s rates M/I Homes notes B1
Moody's Investors Service said it affirmed M/I Homes, Inc.'s corporate family rating at B2 and probability of default rating at B2-PD.
Concurrently, the agency assigned a B1 rating to the company's proposed $350 million senior unsecured note issuance that is expected to be composed of $200 million senior unsecured notes due in 2022 and $150 million senior unsecured notes due in 2019.
The senior subordinated convertible notes were affirmed at Caa1. The rating on the series A preferred shares was also affirmed at Caa1 and the speculative-grade liquidity rating at SGL-2.
The outlook is stable.
M/I Homes is expected to use proceeds to fund the purchase of the $230 million existing senior unsecured notes due 2018.
The B2 corporate family rating reflects M/I Homes' relatively small size, geographic concentration, and projected negative free cash flow generation over the next 12 to 18 months as the company continues to purchase land/lots, the agency said.
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