M/I Homes, Inc., Columbus (NYSE: MHO) announced Monday that it plans to offer $250 million aggregate principal amount of senior notes due 2025 in an unregistered offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933.
The company said the offering of the notes has not been registered under the Securities Act or any state securities laws, and the notes 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.
The Company intends to use a portion of the net proceeds from the offering to repay all outstanding borrowings under its $475 million unsecured revolving credit facility. It intends to use the balance of proceeds for general corporate purposes, which may include future acquisitions of land, land development, home construction, capital expenditures, increasing its working capital, corporate acquisitions, repayment of other indebtedness, redemption of its 9.75% Series A Preferred Shares and other related purposes.
