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Based on the $15.07 close of Columbus-baser M/I’s stock on the proposed offering would be valued ataboug $60.3 million. M/I said it plans to use proceedswfor “general corporate purposes.” The company said the offering’ds underwriters also have the option to buy an additionaol 600,000 shares. Selling the additional shares woul d boost the value of the offering to morethan $69 A group led by and is managingt the sale, the company News of the sale comes a few weekw after the homebuilder disclosed a $28 million loss in the firsyt quarter, up from a loss of $22 million a year ago, even as home saled contracts jumped 20 percent from a year ago.
That came on the heelsd of a $250 milliojn loss in 2008. Besidex building in Ohio, M/I (NYSE:MHO) also buildws single-family houses and condominiums in suburban Washington, D.C., and Charlotte and Raleigh, N.C.
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