M/I Homes, Inc. Announces Commencement of Exchange Offer for 3.95% Senior Notes Due 2030
October 07, 2021 at 04:20 pm EDT
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M/I Homes, Inc. announced that it has commenced a registered exchange offer to exchange any and all of its $300,000,000 aggregate principal amount of 3.95% senior notes due 2030 which were issued in a private placement on August 23, 2021 (the original notes) for an equal principal amount of its 3.95% senior notes due 2030 which have been registered under the Securities Act of 1933, as amended (the exchange notes). The exchange offer is being made to satisfy the company's obligations under a registration rights agreement entered into on August 23, 2021 in connection with the issuance of the original notes, and does not represent a new financing transaction. The company will not receive any further proceeds from the exchange offer. The terms of the exchange notes are substantially identical to the terms of the original notes, except that certain transfer restrictions, registration rights and additional interest provisions do not apply to the exchange notes. Original notes that are not exchanged in the exchange offer will continue to be subject to the existing transfer restrictions, and the company will generally have no further obligation to provide for the registration of those notes under the Securities Act of 1933, as amended. The exchange offer will expire at 12:00 midnight, New York City time, on November 4, 2021, unless extended by the company. Tenders of original notes must be validly made at or prior to the expiration time and may be withdrawn at any time prior to the expiration time.
M/I Homes, Inc. is a builder of single-family homes. The Company designs, markets, constructs and sells single-family homes and attached townhomes to first-time, move-up, empty-nester, and luxury buyers. The company primarily constructs homes in planned development communities and mixed-use communities. It offers homes for sale in approximately 213 communities within 17 markets located in 10 states. The Company operates through two distinct operations: homebuilding and financial services. Its homebuilding operations are aggregated for reporting purposes into two reporting segments: the Northern and Southern regions. Its homebuilding division is engaged in the sale and construction of single-family attached and detached homes, acquisition and development of land, and the occasional sale of lots to third parties. Its financial services operations support its homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations.