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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 $150 million senior unsecured notes due 2018.
In the same action, the agency affirmed the company's B1 corporate family rating, B1-PD probability of default rating, B1 rating on the existing senior unsecured notes due 2020 and 2022 and convertible senior notes due 2032, provisional B1 rating on the senior unsecured shelf and SGL-2 speculative grade liquidity rating.
The outlook is stable.
The proposed $150 million senior unsecured notes will be guaranteed by all of Meritage's wholly owned subsidiaries, as are the existing senior unsecured notes and convertible senior notes.
The proceeds from the note offering will be used to retire the entire amount of outstanding 7.731% senior subordinated notes due 2017 (roughly $100 million; unrated by Moody's), and the rest of the proceeds will be used for general corporate purposes, Moody's said.
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