M/I Homes Secures Landmark $900 Million Credit Facility Extension, Propelling Growth Through 2030

M/I Homes, Inc., a prominent name in the homebuilding sector, has announced a significant bolstering of its financial position, successfully amending and restating its unsecured revolving credit facility. This pivotal move sees the facility extended until September 2030 and its capacity increased by an impressive $200 million, from its previous $700 million to a new total of $900 million.

This strategic financial maneuver not only extends the maturity of the facility from its prior expiration in September 2026 but also enhances M/I Homes' operational flexibility and liquidity.

The new agreement comes with improved terms, including a reduced interest rate and a more favorable pricing grid, reflecting the company's robust financial health and strong relationships within the banking community.

The expanded credit facility is a testament to the confidence placed in M/I Homes by a consortium of leading financial institutions.

Bank of America, N.A., and Wells Fargo Bank, N.A., served as Joint Lead Arrangers and Joint Bookrunners, with Bank of America, N.A. also taking on the role of Administrative Agent. Other key participants include PNC Bank, National Association; Truist Bank; JPMorgan Chase Bank, N.A.; and U.S. Bank National Association, all acting as Co-Syndication Agents.

Additional lenders providing significant support are Citizens Bank, N.A., Huntington National Bank, KeyBank National Association, Associated Bank, National Association, Fifth Third Bank, National Association, and TD Bank, N.A.

Robert Schottenstein, CEO of M/I Homes, underscored the importance of this development, stating, "We are pleased to announce the extension of our credit facility, which provides enhanced financial flexibility for M/I Homes and supports our future growth strategies.

We appreciate the continued support from our banking group, a true reflection of the strong relationships we've cultivated over many years. This transaction further strengthens our financial position and allows us to pursue our long-term objectives with confidence."

The successful negotiation and implementation of this expanded credit facility highlight M/I Homes' commitment to maintaining a strong capital structure, positioning the company for continued success and sustained growth in the dynamic housing market for years to come.

This move is expected to provide substantial resources to support land acquisition, development, and ongoing home construction activities.