M/I Homes Inc. plans to sell $350 million of senior notes due 2028 in an unregistered offering, subject to market and other conditions.

A portion of the net proceeds will be used by the Columbus, Ohio-based homebuilder to redeem all $300 million aggregate principal amount of its outstanding 6.75% senior notes due 2021.

It will use the balance to repay borrowings under its $500 million unsecured revolving credit facility, while the remainder will be allocated for general corporate purposes.