M/I Homes, Inc., Columbus (NYSE:MHO) on Thursday first announced it intends to offer $150 million aggregate principal amount of senior notes due 2018 to fund the buyback of $200 million in its outstanding 6.875% senior notes dues 2012. The offering had not yet been priced. Later, the company upped the offering to $200 million and priced the notes at 95.587% of their face value to yield 8.875% and said the offering was made only to qualified institutional buyers.

M/I said that as of the early tender premium deadline of October 27, approximately $117.5 million had been validly tendered. It announced that the deadline has been extended to 11:59 p.m. New York time on Nov. 10.

M/I said it would use proceeds of the new offering to fund the buyback.

The company is offering a $30 premium for each $1,000 invested in the redemption, bringing the total payout to holders to $1,045.00 per thousand face value.