Meritage Homes plans $100 million 20-year convertibles to yield 1.375%-1.875%, up 47.5%-52.5%

By Rebecca Melvin

New York, Sept. 12 - Meritage Homes Corp. plans to price $100 million of 20-year convertible senior notes after the market close Wednesday that were talked to yield 1.375% to 1.875% with an initial conversion premium of 47.5% to 52.5%, according to market sources.

The registered deal is being sold by joint bookrunners Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Bank of America Merrill Lynch.

The notes are non-callable for five years, with puts in years five, 10 and 15.

The company plans to use proceeds for general corporate purposes.

Meritage is a Scottsdale, Ariz.-based homebuilder.

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