M/I Homes begins cash tender offer for $200 million 6 7/8% notes

By Susanna Moon

Chicago, Oct. 14 - M/I Homes, Inc. said it began a tender offer to purchase for cash any and all of its outstanding $200 million of 6 7/8% senior notes due 2012.

The company will pay $1,045 per $1,000 principal amount, including a premium of $30, for notes tendered by 5 p.m. ET on Oct. 27, the early tender deadline. Holders who tender after that date but by the expiration time will receive $1,015 per note.

M/I Homes also will pay accrued interest up to but excluding the settlement date in cash.

The tender offer will end at 11:59 p.m. ET on Nov. 10.

Completion of the offer is conditioned on the private placement of senior notes, which would be used, along with available cash on hand, to fund the purchase of the notes.

Citi (800 558-3745 or collect 212 723-6106) is dealer manager for the tender offer. Global Bondholder Services Corp. (866 488-1500 or collect 212 430-3774) is the depositary and the information agent. Holders with questions regarding the tender offer should contact Citi.

M/I Homes is a Columbus, Ohio-based builder of single-family homes.

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