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M/I Homes Announces Pricing Of Convertible Senior Subordinated Notes Due 2017 And 2.2 Million Common Shares

COLUMBUS, Ohio, Sept. 5, 2012 /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) today announced the pricing of its previously announced public offering of $50 million aggregate principal amount of convertible senior subordinated notes due 2017.  The Company also granted to the underwriters an option to purchase up to an additional $7.5 million aggregate principal amount of notes to cover over-allotments, if any.  J.P. Morgan and Citigroup are acting as joint book-running managers for the notes offering. 

The notes will pay interest semi-annually in arrears at a rate of 3.25% per year and will mature on September 15, 2017, unless earlier purchased or converted.  The Company may not redeem the notes prior to the maturity date.  The notes are convertible into the Company's common shares at an initial conversion rate of 42.0159 common shares per $1,000 principal amount of notes, which is equal to a conversion price of approximately $23.80 per share, subject to adjustment in certain circumstances.  The notes will be fully and unconditionally guaranteed on a senior subordinated unsecured basis by those subsidiaries of the Company that, as of the date of issuance of the notes, are guarantors under the Company's outstanding 8.625% Senior Notes due 2018.

The Company also announced today the pricing of the concurrent public offering by the Company of 2.2 million its common shares, at a public offering price of $17.63 per share.  The Company granted to the underwriters an option to purchase up to an additional 330,000 common shares to cover over-allotments, if any.  Citigroup and J.P. Morgan are acting as joint book-running managers for the offering of common shares.

The Company intends to use the net proceeds of the notes offering and the concurrent offering of common shares for general corporate purposes, which may include acquisitions of land, land development, home construction, capital expenditures, increasing its working capital, repayment of indebtedness and other related purposes.  Neither the notes offering nor the offering of common shares will be conditioned upon consummation of the other. 

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