M/I Homes greenshoe exercised, convertibles increase to $57.5 million

By Ashley Montgomery

Kansas City, Kan., Sept. 11 - M/I Homes, Inc. said the underwriters of its 3.25% convertible senior notes due 2017 exercised the $7.5 million over-allotment option in full.

The company originally priced $50 million of the convertibles on Sept. 5. The greenshoe brings the total amount to $57.5 million. The initial conversion premium on the notes is 35%.

J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were the joint bookrunners for the registered sale, according to an 8-K filing with the Securities and Exchange Commission.

Underwriters also exercised the over-allotment option on the company's common stock issuance. Including the greenshoe, the company sold 2.53 million shares at $17.63 each for a total of $44.6 million.

Proceeds will be used for general corporate purposes.

Columbus, Ohio-based M/I Homes is a residential homebuilder.

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