Meritage Homes repays $153 million of bank borrowings

By Sara Rosenberg

New York, Jan. 28 - Meritage Homes Corp. reduced its bank debt by $153 million during the fourth quarter of 2007 using cash flow from operations, according to a company news release.

At Dec. 31, the company has a balance of $82 million under its credit facility.

"We plan to continue aggressively targeting spec sales and limiting lot purchases wherever possible, with a goal of reducing our credit facility debt to a zero balance by the third quarter of this year, and then start accumulating cash reserves," said Steven J. Hilton, chairman and chief executive officer, in the release.

Meritage Homes is a Scottsdale, Ariz.-based builder of single-family homes.

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