M/I Homes, Inc. Completes Offering of $300 Million Aggregate Principal Amount of Its 3.950% Senior Notes Due 2030
August 23, 2021 at 04:17 pm EDT
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On August 23, 2021, M/I Homes, Inc. completed its offering of $300 million aggregate principal amount of its 3.950% Senior Notes due 2030 (the “New Senior Notes”). The New Senior Notes were sold only to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and certain investors pursuant to Regulation S under the Securities Act. The offering was consummated pursuant to the terms of a purchase agreement, dated as of August 9, 2021, by and among the Company, as issuer, certain subsidiaries of the Company, as guarantors (the “Guarantors”), and J.P. Morgan Securities LLC, as representative of the initial purchasers of the New Senior Notes. The Company intends to use a portion of the net proceeds from the offering of the New Senior Notes to redeem all $250 million aggregate principal amount of its outstanding 5.625% Senior Notes due 2025 (the “2025 Senior Notes”). The Company intends to use the balance of the net proceeds for general corporate purposes. See Item 8.01 below for a discussion of the redemption of the 2025 Senior Notes. The New Senior Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
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.