COLUMBUS, Ohio, July 20, 2017 /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced that it has amended its unsecured revolving credit facility to increase the borrowing availability from $400 million to $500 million and extend the maturity to July 2021. The credit facility was previously scheduled to mature in October 2018. The $500 million in borrowing availability includes a $25 million accordion feature, subject to additional commitments, and a letter of credit sublimit of $125 million.

Robert H. Schottenstein, Chief Executive Officer and President, commented, "The extended term and increased commitment amount of our credit facility will provide us with additional financial flexibility. We have maintained longstanding relationships with many of our banks, and we appreciate the support of this strong group of banking partners and the confidence that this commitment reflects in our business."

Joint Lead Arrangers and Joint Bookrunners for the extension of the credit facility included PNC Capital Markets LLC, Citigroup Global Markets Inc., Fifth Third Bank, J.P. Morgan Chase Bank, N.A., U.S. Bank National Association, and Wells Fargo Securities, LLC. The credit facility has multiple lenders, led by PNC Bank, National Association, as Administrative Agent. Citibank, N.A., Fifth Third Bank, J.P. Morgan Chase Bank, N.A., U.S. Bank National Association, and Wells Fargo Bank, National Association are Syndication Agents, and Comerica Bank and The Huntington National Bank are Documentation Agents. Additional banks participating in the credit facility include Texas Capital Bank, National Association, Associated Bank, National Association and Regions Bank.

The amended credit facility contains financial covenants, including a minimum consolidated tangible net worth, which was re-set to a minimum of $465.2 million at closing, subject to increase over time based on earnings and proceeds from equity offerings after March 31, 2017. The Company's actual tangible net worth was $620.3 million at March 31, 2017. There were no other changes to the financial covenants, which include a maximum leverage ratio and minimum interest coverage requirement. Interest on amounts borrowed under the credit facility is payable at a rate which is adjusted daily and is equal to the sum of the LIBOR Rate for a one-month period plus a margin of 2.50%. The margin is subject to adjustment in subsequent quarterly periods based on the Company's leverage ratio. Amounts borrowed under the credit facility are guaranteed by certain of the Company's subsidiaries.

M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having sold over 101,800 homes. The Company's homes are marketed and sold primarily under the trade names M/I Homes and Showcase Collection (exclusively by M/I Homes), and also currently operates under the name Hans Hagen Homes in its Minneapolis/St. Paul, Minnesota market. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Tampa, Sarasota and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C.

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defect, product liability and warranty claims and various governmental rules and regulations, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

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SOURCE M/I Homes, Inc.