M/I Homes Inc. priced an upsized offering of $400 million of 4.950% senior notes due Feb. 1, 2028, at 100% of par.

The homebuilder had initially aimed to sell $350 million of the notes. It plans to use net proceeds to fully redeem $300 million of its outstanding 6.75% senior notes due 2021, to repay borrowings under its $500 million unsecured revolving credit facility and for general corporate purposes.

The offering is anticipated to close Jan. 22.