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Fitch rates M/I Homes notes BB-/RR3
Fitch Ratings said it assigned a BB-/RR3 rating to M/I Homes Inc.'s proposed offering of $300 million aggregate amount of senior unsecured notes maturing in 2020.
The new issue will be equal in right of payment with all other senior unsecured debt.
The company intends to use a portion of the net proceeds to repurchase or redeem all of its existing $230 million of 8 5/8% senior unsecured notes due 2018 and to pay related fees and expenses. It intends to use the remaining proceeds to reduce outstanding borrowings under the credit facility.
The outlook is stable.
Fitch said the ratings and outlook reflect M/I Homes’ execution of its business model in the current housing environment, management's demonstrated ability to manage land and development spending, adequate liquidity position, improving credit metrics and Fitch's expectation of further improvement in the housing market in 2015 and 2016.
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