M/I Homes, Inc. (NYSE: MHO) has just filed for a mixed shelf registration statement with the SEC that will give it the right to sell up to $250 million in securities. The company can sell debt, common stock, preferred stock, depository shares, and/or warrants in any combination accepted.
As far as a use of proceeds, the company said that it intends to usethe proceeds for general corporate purposes, which may include theacquisition and development of land, refinancing of debt, purchase ofshares, capital expenditures, mergers, acquisitions and other strategicinvestments.
The company has noted that the specific allocations of the proceeds forsuch purposes have not been made at this time, and pending theirultimate use it intends to invest the net proceeds in short-term,interest-bearing, investment grade securities.
Shares are up by about 1.3% today at $19.01, and the 52-week tradingrange is $7.20 to $29.74. Its market cap as of today is roughly $266.5million.
Jon C. Ogg
August 4, 2008
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