M/I Homes, Inc. (NYSE: MHO) said Monday it entered into a new three-year, $140 million secured revolving credit facility with a group of nine banks led by PNC Bank.
The new credit facility replaces the Company¹s previous $150 million secured revolving credit facility that was scheduled to mature in October, 2010.Other banks participating in the Credit Facility include JPMorgan Chase Bank, N.A. and The Huntington National Bank as Co-Syndication Agents, Fifth Third Bank and US Bank, National Association as Co-Documentation Agents, and Regions Bank, Wells Fargo Bank, N.A., Citibank, N.A., and Comerica Bank as Lenders. PNC Capital Markets LLC, acted as sole lead arranger and bookrunner.
The maximum facility amount was initially set at $125 million but was oversubscribed, with $140 million of aggregate commitments accepted by the company. At closing, there were $1.2 million of letters of credit outstanding on the facility and no borrowings.
Robert H. Schottenstein, president and CEO, said, ³During this period of tightened credit and continued uncertainty in the housing market, we appreciate the support of this strong group of banking partners, many of whom have maintained relationships with M/I Homes for more than a decade."