New York, Sept. 5 - M/I Homes, Inc. priced $50 million of convertible senior subordinated notes after the close Wednesday to yield 3.25% with a 35% initial conversion premium.
The deal came at the middle of yield talk, which had been set at 3% to 3.5% and at the cheap end of premium talk, which was for 35% to 40%.
There is a greenshoe for $7.5 million.
J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were joint bookrunners for the registered sale.
M/I Homes also priced 2.2 million common shares at $17.63 each, raising $38.79 million. There is a greenshoe for a further 330,000 shares.
The notes will be non-callable for five years with no puts. There is dividend and takeover protection.
Proceeds will be used for general corporate purposes.
Columbus, Ohio-based M/I Homes is a residential home builder.
| Issuer: | M/I Homes, Inc.
|
| Issue: | Convertible senior subordinated notes
|
| Amount: | $50 million
|
| Greenshoe: | $7.5 million
|
| Maturity: | Sept. 15, 2017
|
| Coupon: | 3.25%
|
| Initial conversion premium: | 35%
|
| Conversion price: | $23.80
|
| Conversion ratio: | 42.0159
|
| Call: | Non-callable
|
| Puts: | None
|
| Pricing date: | Sept. 5, after the close
|
| Bookrunners: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
|
| Distribution: | Off shelf
|
| Price talk: | 3% to 3.5%, up 35% to 40%
|
| Stock symbol: | NYSE: MHO
|
| Stock price: | $17.63
|
| Market capitalization: | $321 million
|
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