M/I Homes gets tenders of $117.5 million 6 7/8% notes, revises timing

New York, Oct. 27 - M/I Homes, Inc. said it received tenders for $117.5 million of its $200 million of 6 7/8% senior notes due 2012 by the early tender deadline.

The company also said that it is extending the early tender deadline to coincide with the expiration. As a result, all holders who tender will receive the full payment amount.

M/I Homes began the tender on Oct. 14, saying it was offering to purchase for cash any and all of the notes.

The company originally said it would 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 tendered after that date but by the expiration time were to receive $1,015 per note. Following the revision, M/I will pay $1,045 for all tendered notes.

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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