M/I Homes buys $158.6 million 6 7/8% notes due 2012 in cash tender

By Devika Patel

Knoxville, Tenn., Nov. 12 - M/I Homes, Inc. announced that investors tendered $158.6 million of the company's 6 7/8% senior notes due 2012 as part of a cash tender offer for all of the notes. It will accept all of the tendered notes.

The offer launched on Oct. 14 and expired at 11:59 p.m. ET on Nov. 10. The tender was funded from a private placement of $200 million of 8 5/8% senior notes due 2018.

The company will pay $1,045 per $1,000 principal amount, which includes a premium of $30, for notes tendered by 5 p.m. ET on Oct. 27, the early tender deadline. Holders who tender after that date but by the expiration time will receive $1,015 per note.

M/I Homes also will pay accrued interest up to but excluding the settlement date in cash.

Citi (800 558-3745 or collect 212 723-6106) was dealer manager for the tender offer. Global Bondholder Services Corp. (866 488-1500 or collect 212 430-3774) was the depositary and the information agent.

M/I Homes is a Columbus, Ohio-based builder of single-family homes.

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