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Moody's rates Meritage notes B1
Moody's Investors Service said it assigned a B1 rating to Meritage Homes Corp.'s proposed $250 million senior unsecured notes due 2022.
In the same action, Moody's affirmed the company's B1 corporate family rating, B1 probability of default rating, B1 rating on the existing senior unsecured notes due 2015 and 2020 and SGL-2 speculative grade liquidity rating.
The outlook is stable.
Moody's said the proceeds from the offering, together with cash on hand, will be used to retire all outstanding amounts of the $285 million 6¼% senior unsecured notes due 2015.
The proposed transaction will be debt neutral to Meritage's capital structure and will be liquidity positive due to the extension of debt maturities, the agency said.
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