Meritage Homes terminates credit facility with Guaranty Bank

By Sara Rosenberg

New York, Sept. 29 - Meritage Homes Corp. terminated its revolving credit facility with Guaranty Bank, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The termination was effective as of Monday.

To complete the termination, the company arranged for the letters of credit that were outstanding under facility to remain outstanding as secured letters of credit between the company and each issuer.

The aggregate capacity of these secured letter-of-credit facilities is about $53 million.

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

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