M/I Homes terminates tender offer, solicitation for 8 5/8% notes

By Susanna Moon and Jennifer Chiou

New York, Oct. 27 – M/I Homes, Inc. announced the termination of the cash tender offer and consent solicitation for its $230 million of outstanding 8 5/8% senior notes due 2018 that began on Oct. 27.

The termination follows the withdrawal of the company’s private placement of senior notes, which was a condition of the offer.

The company was 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 would have been $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 consisted of the base amount of $1,019.10 plus the consent payment of $30.00 per $1,000 of notes.

The tender offer was to end at 11:59 p.m. ET on Nov. 24.

The company also would have paid accrued interest to but excluding the settlement date.

M/I Homes intended 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.

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) were acting as the lead dealer managers with Global Bondholder Services Corp. (866 470-4500 or collect at 212 430-3774) as the depositary and information agent.

M/I Homes builds single-family homes and is based in Columbus, Ohio.

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