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M/I Homes wraps up $250M senior notes offering

M/I Homes Inc. closed the $250 million offering of its 5.625% senior notes due Aug. 1, 2025.

Interest on the notes is payable semiannually in arrears every Feb. 1 and Aug. 1, starting Feb. 1, 2018.

The company aims to use part of the net proceeds to fully repay outstanding borrowings under its $475 million unsecured revolving credit facility.

Any remaining funds may be used for future land acquisitions, land development, home construction, capital expenditures, working capital increases, corporate acquisitions, other debt repayment and redemption of its 9.75% series A preferred shares, among other general corporate purposes.