M/I Homes to price $250 million eight-year notes in Monday drive-by

By Paul A. Harris

Portland, Ore., July 31 – M/I Homes, Inc. plans to price a $250 million offering of eight-year senior notes (B2/BB-/BB-) in a quick-to-market Monday trade, according to market sources.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, PNC Capital Markets, U.S. Bancorp Investments Inc. and Fifth Third Bank are the joint bookrunners.

The notes come with three years of call protection.

The Columbus, Ohio-based builder of single-family homes plans to use a portion of the proceeds to pay off its $475 million unsecured revolving credit facility. The balance of the proceeds will be used for general corporate purposes, which may include future acquisitions of land, land development, home construction, capital expenditures, working capital, corporate acquisitions, debt repayment, redemption of its 9¾% series A preferred shares and other related purposes.

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