M/I Homes Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
$MHO
Homebuilding
Consumer Discretionary
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
| (Exact name of registrant as specified in its charter) | ||||||||||||||
| (State or other jurisdiction | (Commission | (I.R.S. Employer | ||||||||||||
| of incorporation) | File Number) | Identification No.) | ||||||||||||
(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):
Securities registered pursuant to Section 12(b) of the Act:
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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 | ||||||||
| 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 | |||||