M/I Homes, Inc. (MHO), announced the pricing of a previously announced public offering of $50 million of convertible senior subordinated notes due 2017, as well as public offering of 2.2 million common shares. The notes have a conversion price of $23.80 per share and shares on offer are priced at $17.63.
The company intents to use proceeds from these offerings towards paying debts, buying and developing land, and capital expenditure, the company said in a statement.
The notes carries an interest rate of 3.25 percent semi-annually in arrears per year and will mature on September 15,2017, unless earlier purchased or converted.
M/I Homes said it may not redeem the notes before the maturity date. The notes are convertible into common shares for an initial conversion rate of 42.0159 common shares per $1,000 principal amount of notes, which is equal to a conversion price of nearly $23.80 per share.
For the share and notes offering, underwriters were granted an option to purchase up to an additional 330 thousand common shares, while also granting them an option to purchase up to an additional $7.5 million aggregate principal amount of notes to cover over-allotments, if any.
Citigroup and J.P. Morgan are acting as joint book-running managers for the offering of both common shares and notes.
Wednesday, M/I Homes closed at $19.55 on the NYSE
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.