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
Goldman Sachs downgraded the rating of retailer Target Corp. Thursday to sell from neutral over concerns about its increasing competition with e-commerce giant Amazon.com Inc. Target's price target was reduced to $67 from $77. It is expected that the retailer's efforts to compete with Amazon will result in sluggish sales and profits. Catabasis' phase II trial of Edasalonexent in boys affected by Duchenne muscular dystrophy is ongoing, and top-line results are anticipated in the first half of Q1 2017. American Express Co. (AXP) Thursday reported a drop in fourth-quarter profit, as revenues declined 4 percent due to absence of Costco portfolio while provisions for bad loans and marketing costs increased. Earnings fell short of Wall Street estimates, while revenues trumped expectations. New York-based...
comments powered by Disqus
RELATED NEWS
Trade MTH now with 
Follow RTT