M/I Homes gets $650 million amended and restated revolver

By Sara Rosenberg

New York, Oct. 10 - M/I Homes Inc. closed on a $650 million amended and restated unsecured revolving credit facility due Oct. 6, 2010, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

JPMorgan acted as lead arranger, bookrunner and administrative agent on the deal, and Wachovia acted as syndication agent.

Pricing can range from Libor plus 100 to 200 basis points, depending on ratings, with the initial rate set at Libor plus 150 bps.

The commitment fee can range from 20 to 37.5 bps, depending on rating, with the initial fee set at 25 bps.

There is a $350 million accordion feature.

The facility, which was effective Oct. 6, replaced the company's previous $750 million unsecured facility.

M/I Homes is a Columbus, Ohio-based builder of single-family homes.

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