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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. 

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