M/I Homes, Inc. (NYSE:MHO) on Tuesday obtained extensions for four separate secured Letter of Credit Facilities that the company entered into in July 2009.
The LOC Facilities contain limits for the issuance of letters of credit ranging from $10 million to $12 million, for a combined letter of credit capacity of $44 million. Three of the facilities now have maturity dates ranging from June 1, 2011 to August 31, 2012. The fourth facility is uncommitted and has no expiration date, but remains in effect until the company or the issuing bank gives notice of termination.
On June 4, 2010, the Company entered into an additional secured Letter of Credit Facility with a $10 million limit on issuance of letters of credit. As a result, M/I now has a total of five secured Letter of Credit Facilities with an aggregate capacity of $54 million. As of June 30, there was a total of $33.3 million outstanding under the five that was collateralized with $34.1 million of restricted cash.