COLUMBUS, Ohio, Sept. 5, 2012 /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 2017. The Company also expects to grant 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 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 8.625% Senior Notes due 2018. The Company also announced today the proposed concurrent public offering by the Company of 2.2 million of its common shares. The Company expects to grant 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 will act as joint book-running managers for the proposed 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. The notes and the common shares will be 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 will be filed with the Securities and Exchange Commission (the "SEC") and be 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, Brooklyn Army Terminal, 140 58th Street, Brooklyn, New York 11220 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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