logo
Share SHARE
FONT-SIZE Plus   Neg

Meritage Homes Prices $300 Mln Of Senior Notes

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Burger chain Shake Shack Inc. said late Thursday that it has priced its initial public offering of 5 million Class A shares at $21 per share, which is above the previously estimated price range of $17 to $19 per share. The shares are expected to begin trading on the New York Stock Exchange on Friday, January 30 under the ticker symbol "SHAK." Google reported a higher fourth-quarter profit, driven by a 15 percent increase in revenues and one-time gains from the sale of Motorola Mobile business, somewhat offset by stock-based compensation expense and foreign exchange losses. Quarterly earnings and revenue missed Wall Street estimates, as ad revenues came under pressure. Online retailer Amazon.com, Inc. said Thursday after the markets closed that its fourth quarter fell 10.5% from last year, as higher expenses more than offset a 15% increase in sales. However, the company's quarterly earnings per share came in well above analysts' expectation, but its quarterly sales fell short of analysts' forecast.
comments powered by Disqus
RELATED NEWS
Trade MTH now with 
Follow RTT