logo
Share SHARE
FONT-SIZE Plus   Neg

Meritage Homes Prices $300 Mln Of Senior Notes

Meritage Homes Corp. (MTH) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alteryx, Inc., a provider of self-service data analytics software, is the latest tech company to go public in March. Alteryx said it has priced its IPO of 9 million shares of its Class A common stock at $14 per share, at the top end of its range of $12 to $14 per share. Dunkin' Donuts is bidding adieu to one of its frozen coffee beverages this summer. However, loyal fans of the decades-old menu staple have not taken kindly to the news. The coffee chain said it will discontinue its popular Coffee Coolatta beverage this summer and instead, introduce the new Frozen Dunkin' Coffee, made with coffee extract, sugar and milk. Canadian pipeline operator Enbridge Inc. said it will cut about 1,000 jobs, or six percent of its workforce, following the completion of its acquisition of Houston-based Spectra Energy Corp. The job cuts will take place across the merged company.
comments powered by Disqus
Follow RTT