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M/I Homes Announces Extension of Credit Facility to 2030 and Increase to $900 Million

1. M/I Homes increased its credit facility from $650M to $900M. 2. The maturity of the credit facility extended to September 2030. 3. M/I Homes reported zero borrowings and $800M cash position. 4. Current homebuilding debt-to-capital is 18%; net debt-to-capital is negative 3%. 5. This amendment provides additional liquidity and financial flexibility.

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FAQ

Why Very Bullish?

The increased credit availability and strong financial metrics will likely attract investor confidence, potentially resembling previous scenarios where increased liquidity led to stock price appreciation in firms like Lennar Corporation.

How important is it?

The increase in credit availability directly impacts MHO's operational flexibility, essential in homebuilding, especially in fluctuating markets.

Why Long Term?

Financial stability and resources, combined with a five-year maturity, position MHO well for future growth compared to short-term fluctuations seen in the housing market.

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LENDHIPHM
, /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced that it has entered into an amendment to its credit agreement. The amendment increases borrowing availability from $650 million to $900 million and extends the maturity to September, 2030. There were no borrowings outstanding at the closing date. Robert H. Schottenstein, Chief Executive Officer and President, commented, "We are very pleased to announce the amendment and extension of our existing credit facility. Our financial condition is very strong with zero borrowings under our existing credit facility, a cash position of $800 million, homebuilding debt-to-capital of 18%, and a net debt-to-capital ratio of negative 3% at June 30, 2025.   Extending our credit facility to a five-year term and the $250 million of increased commitment amounts from our lenders provides additional liquidity and financial flexibility that further strengthens our company as we look to the future." M/I Homes, Inc. is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and Nashville, Tennessee. Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission.  All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted. SOURCE M/I Homes, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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