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Meritage Homes Prices $300 Mln Of Senior Notes

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Meritage Homes Corp. (MTH: Quote) said Tuesday that it has priced a $300 million aggregate principal amount of senior unsecured notes due 2022. The bonds were priced with a coupon of 7.00% and sold at par. The expected closing date for the private placement of the notes is April 10.

Meritage plans to use the net proceeds from the offering to repurchase or redeem all $285 million aggregate principal amount of its 6.25% Senior Notes due 2015. In addition, the company plans to use the remaining net proceeds, together with available cash, to repurchase about $26 million aggregate principal amount of its outstanding 7.731% Senior Subordinated Notes due 2017.

Adjusting for the offering of the notes and the related transactions described above, as of December 31, 2011, Meritage would have had about $313 million of cash and cash equivalents outstanding and about $596 million of total debt outstanding.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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After moving sharply lower in early trading on Wednesday, stocks have seen continued weakness over the course of the trading session. Will the pullback, the major averages are adding to the modest losses posted in the two previous sessions. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August. Growth in U.S. manufacturing activity saw a notable slowdown in the month of September, according to a report released by the Institute for Supply Management on Wednesday, with the index of activity in the sector pulling back off a three-year high.
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