This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

M/I Homes Announces Proposed Concurrent Offerings Of $50 Million Of Convertible Senior Subordinated Notes Due 2018 And 2.14 Million Common Shares

COLUMBUS, Ohio, March 5, 2013 /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) today announced the proposed public offering by the Company of $50 million aggregate principal amount of convertible senior subordinated notes due 2018.  The Company also expects to grant the underwriters an option to purchase up to an additional $7.5 million aggregate principal amount of notes.  Citigroup, J.P. Morgan and Wells Fargo Securities will act as joint book-running managers for the proposed notes offering.

The principal amount of the notes will be convertible into the Company's common shares.  The interest rate, conversion rate, conversion price and certain other pricing terms of the notes will be determined at the time of pricing of the offering by the Company and the underwriters.  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 and outstanding 3.25% Convertible Senior Subordinated Notes due 2017.

The Company also announced today the proposed concurrent public offering by the Company of 2.14 million of its common shares.  The Company expects to grant the underwriters an option to purchase up to an additional 321,000 common shares.  J.P. Morgan, Citigroup and Wells Fargo Securities will act as joint book-running managers for the proposed offering of common shares.

The Company intends to use a portion of the net proceeds of the notes offering and the concurrent offering of common shares to redeem a portion of its outstanding 9.75% Series A Preferred Shares and to use the balance of such net proceeds for general corporate purposes, which may include acquisitions of land, land development, home construction, repayment of indebtedness or dividends on, or further redemptions of, its 9.75% Series A Preferred Shares. Neither the notes offering nor the offering of common shares will be conditioned upon consummation of the other. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs