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Meritage Homes Brings in $123M on Note Offering


Meritage Homes Corporation (NYSE: MTH), today announced that it has completed its offering and sale of $126.5 million aggregate principal amount of 1.875% Convertible Senior Notes due 2032. This amount includes the exercise in full by the underwriters of their option to purchase an additional $16.5 million aggregate principal amount of notes.

The notes will be the Company's general unsecured senior obligations. The notes will pay interest on March 15 and September 15, beginning on March 15, 2013, at a rate of 1.875% per year, and will mature on September 15, 2032. The notes will initially be guaranteed unconditionally, jointly and severally by all of the Company's direct and indirect 100% owned subsidiaries. The notes will initially be convertible into shares of common stock at a conversion rate of 17.1985 shares of the Company's common stock per $1,000 principal amount of notes, corresponding to an initial conversion price of approximately $58.14 per share of common stock.

Posted-In: News Financing


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