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M/I Homes tenders, solicits consents for $230 million 8 5/8% notes
By Susanna Moon
Chicago, Oct. 27 – M/I Homes, Inc. said it began a cash tender offer and consent solicitation for its $230 million of outstanding 8 5/8% senior notes due 2018.
The company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and a number of events of default.
The total purchase price will be $1,049.10 for each $1,000 principal amount of notes tendered by 11:59 p.m. ET on Nov. 7, the early tender date.
The total payment consists of the base amount of $1,019.10 plus the consent payment of $30.00 per $1,000 of notes.
Those who tender after the early deadline will receive the base payment.
The tender offer will end at 11:59 p.m. ET on Nov. 24. Tendered notes may be withdrawn by the early tender deadline.
The company also will pay accrued interest to but excluding the settlement date.
Holders who tender their notes will be deemed to consent to the proposed amendments, and they may not deliver consents without tendering their notes.
The offer is conditioned on the completion of a private placement of senior notes.
The company intends to redeem any notes remaining after the tender offer at a redemption price of $1,043.13 per $1,000 principal amount plus accrued interest to but excluding the redemption date, according to a company press release.
Citigroup Global Markets Inc. (800 558-3745 or collect at 212 723-6106) and J.P. Morgan Securities LLC (866 834-4666 or collect at 212 834-4811) are the lead dealer managers. Global Bondholder Services Corp. (866 470-4500 or collect at 212 430-3774) is the depositary and the information agent.
M/I Homes builds single-family homes and is based in Columbus, Ohio.
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