M/I Homes to fully repay $475 million revolver via new note proceeds

By Tali Rackner

Minneapolis, July 31 – M/I Homes, Inc. plans to repay all outstanding borrowings under its $475 million unsecured revolving credit facility using a portion of the net proceeds from a new $250 million senior note offering, according to a press release.

The company intends to use remaining proceeds for general corporate purposes, which may include future acquisitions of land, land development, home construction, capital expenditures, increasing its working capital, corporate acquisitions, repayment of other debt, redemption of its 9.75% series A preferred shares and other related purposes.

The builder of single-family homes is based in Columbus, Ohio.

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