Meritage Homes cuts credit facility to $150 million from $500 million

By Sara Rosenberg

New York, May 20 - Meritage Homes Corp. reduced the commitment under its credit facility to $150 million from $500 million, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Guaranty Bank is the administrative agent on the deal.

The reduction will be effective on May 27.

As of March 31, the company had no borrowings under the facility other than $21.4 million used for outstanding letters of credit.

And, based on its most recent projections, the company does not anticipate that it will need to borrow under the credit facility prior to the its 2011 maturity.

Meritage is a Scottsdale, Ariz.-based designer and builder of single-family attached and detached homes.

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