Meritage Homes to sell $300 million 10-year notes Thursday

By Paul A. Harris

St. Louis, Feb. 23 - Meritage Homes Corp. plans to price $300 million of 10-year senior notes (existing ratings Ba3/BB-) in a quick-to-market transaction on Thursday, according to a syndicate source.

The notes will be marketed on Thursday via an investor conference call.

The notes will be non-callable for five years.

UBS Investment Bank and Citigroup are joint bookrunners for the Rule 144A offering. JP Morgan is the co-manager.

Proceeds will be used to fund the tender for the company's outstanding 9¾% notes.

The prospective issuer is a Dallas and Scottsdale, Ariz.-based single family home builder.

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