M/I Homes Inc.
09/19/2025 | Press release | Distributed by Public on 09/19/2025 05:49
Material Agreement, Financial Obligation (Form 8-K)
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On September 18, 2025, M/I Homes, Inc. (the "Company") entered into a Seventh Amendment (the "Seventh Amendment") to the Company's unsecured revolving credit facility, dated July 18, 2013, among the Company, the lenders party thereto and PNC Bank, National Association, as administrative agent (as so amended, the "Credit Agreement"). The Seventh Amendment, among other things, increased the commitments from the lenders to $900.0 million from $650.0 million and extended the maturity to September 18, 2030. The Seventh Amendment also provides an accordion feature pursuant to which the maximum borrowing availability may be increased at the request of the Company to an aggregate of $1.05 billion, subject to obtaining additional commitments from lenders and other terms and conditions of the Credit Agreement.
Interest on amounts borrowed under the Credit Agreement is payable at multiple interest rate options, including one, three, or six month adjusted term secured overnight financing rate ("SOFR") plus a margin. The Seventh Amendment decreased the SOFR margin to 150 basis points from 175 basis points (based on the Company's leverage ratio at June 30, 2025). The SOFR margin is subject to adjustment in subsequent quarterly periods based on the Company's leverage ratio. The Seventh Amendment also decreased the commitment fee paid quarterly by the Company on the remaining available commitment amount by 5 basis points, to 25 basis points, which is also subject to adjustment in subsequent quarterly periods based on the Company's leverage ratio. Additionally, the Seventh Amendment increased the borrowing base advance rates for certain categories of inventory used to calculate the available amount under the Credit Agreement. As of June 30, 2025, there were no borrowings outstanding and $88.5 million of letters of credit outstanding under the Credit Agreement.
Certain of the lenders party to the Seventh Amendment are also lenders and/or serve as the administrative agent under a $300 million mortgage repurchase agreement with M/I Financial, LLC, a wholly-owned subsidiary of the Company, as borrower.
The foregoing summary is qualified in its entirety by reference to the Seventh Amendment which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. All capitalized terms not otherwise defined herein are as defined in the Credit Agreement.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-
BALANCE SHEET ARRANGEMENT OF A REGISTRANT
The information set forth above under Item 1.01 relating to the Company's entry into the Seventh Amendment is hereby incorporated by reference into this Item 2.03.
M/I Homes Inc. published this content on September 19, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 19, 2025 at 11:50 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]