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M/I Homes Announces Pricing 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 pricing and upsizing to $75 million aggregate principal amount of its previously announced public offering of convertible senior subordinated notes due 2018.  The Company also granted to the underwriters an option to purchase up to an additional $11.25 million aggregate principal amount of notes.  Citigroup, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the notes offering. 

The notes will pay interest semi-annually in arrears at a rate of 3.0% per year and will mature on March 1, 2018, unless earlier redeemed, purchased or converted.  On or after March 6, 2016, the Company may redeem for cash any or all of the notes under certain circumstances. The notes are convertible into the Company's common shares at an initial conversion rate of 30.9478 common shares per $1,000 principal amount of notes, which is equal to a conversion price of approximately $32.31 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 and outstanding 3.25% Convertible Senior Subordinated Notes due 2017.

The Company also announced today the pricing of the concurrent public offering by the Company of 2.14 million of its common shares, at a public offering price of $23.50 per share.  The Company granted to the underwriters an option to purchase up to an additional 321,000 common shares.  J.P. Morgan, Citigroup and Wells Fargo Securities are acting as joint book-running managers for the offering of common shares.

The Company intends to use approximately $50 million of the net proceeds of the notes offering and the concurrent offering of common shares to redeem 2,000 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. 

The notes and the common shares are being offered pursuant to separate prospectus supplements to an effective shelf registration statement (including a prospectus) that became effective on September 30, 2011.  Each preliminary prospectus supplement has been filed with the Securities and Exchange Commission (the "SEC") and is available on the SEC's website www.sec.gov.  Alternatively, printed copies of each preliminary prospectus supplement (and the accompanying prospectus) may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, New York 11717 or toll free at (866) 803-9204, or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or toll free at (800) 831-9146.

This press release is not an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any offer, solicitation or sale of such securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful. 

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