Meritage Homes extends maturity date for $440 million of commitments

By Marisa Wong

Morgantown, W.Va., June 30 – Meritage Homes Corp. entered into a second amendment to its amended and restated credit agreement dated June 13, 2014 with JPMorgan Chase Bank, NA as administrative agent to extend the maturity date of a portion of the facility, according to an 8-K filing with the Securities and Exchange Commission.

Of the $500 million total commitment, $60 million is still set to mature on July 9, 2019, while $440 million is now set to mature on July 9, 2020.

The credit agreement’s financial covenants were not modified by the second amendment, the filing noted.

As of June 29, the amendment date, no borrowings were outstanding under the credit agreement, but the company had outstanding letters of credit totaling $32.1 million, leaving $467.9 million available to be drawn.

The real estate development company is based in Scottsdale, Ariz.

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