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MHO > SEC Filings for MHO > Form 8-K on 1-Apr-2014All Recent SEC Filings

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Form 8-K for M I HOMES INC


Entry into a Material Definitive Agreement, Financial Statements and Exhibits


On March 28, 2014, M/I Financial, LLC ("M/I Financial"), a wholly-owned subsidiary of M/I Homes, Inc., entered into an amendment (the "First Amendment") to the mortgage warehousing agreement, as amended and restated on March 29, 2013 (the "MIF Mortgage Warehousing Agreement"), among M/I Financial, as borrower, the lenders party thereto and Comerica Bank, as administrative agent. The MIF Mortgage Warehousing Agreement is used to finance eligible residential, first mortgage loans originated by M/I Financial. The First Amendment amends the MIF Mortgage Warehousing Agreement in the following respects:

1. The maturity date was extended from March 28, 2014 to March 27, 2015.

2. The maximum amount of borrowing availability was increased from $100 million to $110 million, which may be increased by M/I Financial up to $20 million in the aggregate, provided that one or more lenders agrees to loan the additional amount.

3. The interest rate was changed to the greater of (i) 3.00% and (ii) the floating LIBOR plus 275 basis points.

4. The maximum total amount of debt allowed under warehouse credit lines (including the MIF Mortgage Warehousing Agreement) was increased from $125 million to $150 million.

5. Effective with the quarter ending September 30, 2014, M/I Financial's minimum required tangible net worth is increased from $10.0 million to $11.0 million and M/I Financial's minimum required liquidity is increased from $5.0 million to $5.5 million.

The other material terms of the MIF Mortgage Warehousing Agreement remain unchanged.

The foregoing summary is qualified in its entirety by reference to the First Amendment, a copy of which is filed 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 MIF Mortgage Warehousing Agreement.


(d) Exhibits.

Exhibit No.                            Description of Exhibit

10.1              First Amendment, dated March 28, 2014, to the MIF Mortgage
                  Warehousing Agreement, by and among M/I Financial, LLC, as
                  borrower, the lenders party thereto and Comerica Bank, as
                  administrative agent.

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