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Prospect News home > News index > List of issuers M > Headlines for Meritage Homes Corp. > News item |
S&P gives BB- to Meritage Homes notes
S&P said it assigned its BB- issue-level rating to Meritage Homes Corp.'s proposed senior unsecured notes due 2027. The recovery rating is 3, indicating an expectation of meaningful (50% to 70%, rounded estimate: 65%) recovery in the event of default.
The company will use $126.5 million of the proceeds to repay its 1.875% convertible senior notes due 2032. The remainder of the proceeds will be used to repay outstanding borrowings under the unsecured revolving credit facility as well as for general corporate purposes.
The BB- corporate credit rating and positive outlook on Meritage are unchanged, the agency said.
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