M/I Homes Raises Revolver to $900M, Extends Maturity to 2030

M/I Homes, Inc. amended its unsecured revolving credit facility to increase lender commitments to $900.0 million (from $650.0 million) and extended the facility maturity to September 18, 2030.

Rhea-AI Filing Summary

M/I Homes, Inc. amended its unsecured revolving credit facility to increase lender commitments to $900.0 million (from $650.0 million) and extended the facility maturity to September 18, 2030. The amendment adds an accordion option to raise maximum availability to $1.05 billion subject to additional lender commitments. Interest remains based on selectable SOFR terms plus a margin; the SOFR margin was reduced to 150 basis points from 175 basis points based on the company’s leverage ratio at June 30, 2025, and is subject to future quarterly adjustment tied to leverage. The quarterly commitment fee on unused commitments was lowered by 5 basis points to 25 basis points, also subject to future leverage-based adjustments. Advance rates for certain inventory categories were increased. As of June 30, 2025, there were no borrowings outstanding and $88.5 million of letters of credit under the facility.

Positive

• Committed capacity increased to $900.0 million, improving available liquidity versus the prior $650.0 million commitment
• Maturity extended to September 18, 2030, reducing near-term refinancing risk
• Accordion feature to $1.05 billion allows potential further expansion of borrowing capacity subject to lender commitments
• SOFR margin reduced to 150 basis points from 175 basis points (based on leverage as of 6/30/2025), lowering potential interest costs
• Commitment fee lowered to 25 basis points, reducing cost on unused capacity
• Increased borrowing-base advance rates for certain inventory categories which can raise calculated availability under the facility

Negative

• None.

Insights

Corporate Finance Analyst

TL;DR: The amendment materially expands liquidity and slightly lowers financing costs, providing greater borrowing capacity and flexibility through 2030.

The Seventh Amendment raises committed capacity to $900.0 million with an accordion to $1.05 billion, extending the maturity to 2030 which secures term funding availability. The reduction in the SOFR margin from 175 to 150 basis points and a 5-basis-point cut to the commitment fee lower the company’s potential cost of capital, conditional on leverage-based pricing tiers. Increased advance rates on certain inventory categories improve borrowing base calculations and can raise usable availability relative to inventory holdings. The facility had no outstanding cash borrowings as of June 30, 2025, though $88.5 million in letters of credit remain outstanding, which reduces undrawn capacity. Overall, the amendment strengthens short- to medium-term liquidity and preserves optionality for growth or refinancing needs.

Risk & Treasury Specialist

TL;DR: Longer maturity and higher commitments reduce rollover risk, while leverage-linked pricing maintains incentive alignment with credit metrics.

Extending the maturity to September 18, 2030 and increasing commitments to $900.0 million materially reduces near-term refinancing risk by locking in bilateral lender support. The accordion to $1.05 billion provides a structured path to add capacity if market conditions and lender interest allow. Pricing remains variable and tied to leverage; the immediate reduction in margin and fees improves economics now but preserves lender remedy via leverage-based step-ups. The $88.5 million of letters of credit consume part of the facility capacity and should be monitored alongside inventory advance-rate changes to assess true available liquidity.

8-K Event Classification

2 items: 1.01, 2.03

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change did M/I Homes (MHO) make to its revolving credit facility?

The company entered into a Seventh Amendment that increased commitments to $900.0 million, extended maturity to September 18, 2030, added an accordion to $1.05 billion, reduced the SOFR margin to 150 bps, and lowered the commitment fee to 25 bps.

How does the amendment affect M/I Homes’ interest costs?

Interest remains based on selectable SOFR terms plus a margin; the amendment reduces the SOFR margin to 150 basis points from 175 basis points, which can lower interest expense depending on leverage-based pricing adjustments.

Does the amended facility increase M/I Homes’ total borrowing capacity?

Yes. Commitments increased to $900.0 million with an accordion to increase total availability to $1.05 billion if additional lender commitments are obtained.

Were there any outstanding borrowings under the facility at June 30, 2025?

As of June 30, 2025, there were no borrowings outstanding and $88.5 million of letters of credit outstanding under the Credit Agreement.

Are pricing and fees fixed under the amended credit agreement?

No. Both the SOFR margin and the commitment fee are subject to adjustment in subsequent quarterly periods based on the company’s leverage ratio.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/19/2025 - 07:48 AM Learn about SEC filing dates

9/18/20250000799292false00007992922025-09-182025-09-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 18, 2025

M/I HOMES, INC.

(Exact name of registrant as specified in its charter)

Ohio

1-12434

31-1210837

(State or other jurisdiction

(Commission

(I.R.S. Employer

of incorporation)

File Number)

Identification No.)

4131 Worth Avenue, Suite 500             Columbus, OH 43219

(Address of principal executive offices)          (Zip Code)

(614) 418-8000

(Telephone Number)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Shares, par value $.01			MHO			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 1.01    ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On September 18, 2025, M/I Homes, Inc. (the “Company”) entered into a Seventh Amendment (the “Seventh Amendment”) to the Company’s unsecured revolving credit facility, dated July 18, 2013, among the Company, the lenders party thereto and PNC Bank, National Association, as administrative agent (as so amended, the “Credit Agreement”). The Seventh Amendment, among other things, increased the commitments from the lenders to $900.0 million from $650.0 million and extended the maturity to September 18, 2030. The Seventh Amendment also provides an accordion feature pursuant to which the maximum borrowing availability may be increased at the request of the Company to an aggregate of $1.05 billion, subject to obtaining additional commitments from lenders and other terms and conditions of the Credit Agreement.

Interest on amounts borrowed under the Credit Agreement is payable at multiple interest rate options, including one, three, or six month adjusted term secured overnight financing rate (“SOFR”) plus a margin. The Seventh Amendment decreased the SOFR margin to 150 basis points from 175 basis points (based on the Company’s leverage ratio at June 30, 2025). The SOFR margin is subject to adjustment in subsequent quarterly periods based on the Company’s leverage ratio. The Seventh Amendment also decreased the commitment fee paid quarterly by the Company on the remaining available commitment amount by 5 basis points, to 25 basis points, which is also subject to adjustment in subsequent quarterly periods based on the Company’s leverage ratio. Additionally, the Seventh Amendment increased the borrowing base advance rates for certain categories of inventory used to calculate the available amount under the Credit Agreement. As of June 30, 2025, there were no borrowings outstanding and $88.5 million of letters of credit outstanding under the Credit Agreement.

Certain of the lenders party to the Seventh Amendment are also lenders and/or serve as the administrative agent under a $300 million mortgage repurchase agreement with M/I Financial, LLC, a wholly-owned subsidiary of the Company, as borrower.

The foregoing summary is qualified in its entirety by reference to the Seventh Amendment which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. All capitalized terms not otherwise defined herein are as defined in the Credit Agreement.

ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-

BALANCE SHEET ARRANGEMENT OF A REGISTRANT

The information set forth above under Item 1.01 relating to the Company’s entry into the Seventh Amendment is hereby incorporated by reference into this Item 2.03.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits.

Exhibit No.						Description of Exhibit
10.1						Seventh Amendment to Credit Agreement, dated September 19, 2025, by and among M/I Homes, Inc., as borrower, the lenders party thereto, and PNC Bank, National Association, as administrative agent.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).*

         *Submitted electronically with this Report in accordance with the provisions of Regulation S-T.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  September 19, 2025

M/I Homes, Inc.

By:			/s/ Ann Marie W. Hunker
			Ann Marie W. Hunker
			VP, Chief Accounting Officer and Controller