Meritage Homes Corporation, Scottsdale (NYSE:MTH) on Monday morning announced its intention to offer $300 million aggregate principal amount of senior unsecured notes due 2027 to qualified institutional buyers. By mid afternoon, the notes were priced at 5.125% due June 6, 2027 and were sold at par.
Meritage intends to use the net proceeds from the offering of the notes for repayment of outstanding borrowings under the company’s unsecured revolving credit facility and for general corporate purposes, which many include, among other things, the repurchase, tender for or redemption of the Company’s 1.875% senior unsecured convertible notes due 2032.
