Meritage Homes driving by with $400 million eight-year bullet notes; guidance 4 1/8%

By Paul A. Harris

Portland, Ore., March 31 – Meritage Homes Corp. plans to price a $400 million offering of eight-year senior bullet notes (Ba1/BB+/BB+) in a Wednesday drive-by, according to market sources.

The notes are guided at 4 1/8%, a trader said.

Mizuho Securities USA Inc. is leading the Rule 144A and Regulation S offering.

The Scottsdale, Ariz.-based home builder plans to use a portion of the proceeds to redeem all of its $300 million 7% senior notes due 2022.

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