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Meritage buys 98.85% of 9¾% notes in tender
New York, March 23 - Meritage Homes Corp. said it completed its tender for its 9¾% senior notes due 2011, buying $276.768 million or 98.85% of the securities.
The tender expired at 9 a.m. ET on March 23.
At its previous announcement on March 9, the Scottsdale, Ariz., and Dallas-based homebuilder said it received the necessary consents to amend the indentures of the 9¾% notes. The solicitation is to eliminate most of the restrictive covenants in the indenture.
As announced on Feb. 23, Meritage is offering to pay $1,097.53 per $1,000 principal amount of notes.
Holders who tendered by the consent deadline will receive a further $20 per $1,000 fee.
UBS Securities LLC (contact Liability Management Group at 888 722-9555, ext. 4210 or 203 719-4210) and Citigroup Global Markets Inc. (contact Liability Management Group at 800 558-3745 or 212 723-6106) are dealer managers and solicitation agents.
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