Published on 5/28/2015 in the Prospect News High Yield Daily.
New Issue: Meritage Homes prices $200 million 10-year bullet at par to yield 6%
By Paul A. Harris
Portland, Ore., May 28 – Meritage Homes Corp. priced a $200 million issue of non-callable 10-year senior notes (Ba3/BB-/BB-) at par to yield 6% on Thursday, according to market sources.
The yield printed at the tight end of the 6% to 6¼% price talk.
The quick-to-market deal was managed by J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., BofA Merrill Lynch, PNC Capital Markets and RBC Capital Markets.
The Scottsdale, Ariz.-based homebuilder plans to use the proceeds for general corporate purposes, including the repayment of debt under its revolving credit facility.
| Issuer: | Meritage Homes Corp.
|
| Amount: | $200 million
|
| Maturity: | June 1, 2025
|
| Securities: | Senior notes
|
| Managers: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., BofA Merrill Lynch, PNC Capital Markets, RBC Capital Markets
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Call protection: | Non-callable
|
| Trade date: | May 28
|
| Settlement date: | June 2
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Quick to market
|
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