Meritage Homes tenders, seeks consents for $99.83 million 7.731% notes

By Susanna Moon

Chicago, Feb. 27 - Meritage Homes Corp. said it began a cash tender offer for its $99,825,000 principal amount 7.731% senior subordinated notes due 2017.

The total purchase price will be $1,033.75 for each $1,000 principal amount of notes tendered by midnight ET on March 12.

The total payment includes $30.00 per $1,000 of notes tendered by the early deadline.

Those who tender after the early deadline will receive $1,003.75 per $1,000 of notes.

Holders will also receive accrued interest up to but excluding the payment date.

The offer will end at midnight ET on March 26.

Meritage also is soliciting consents to amend the notes.

The offer is conditioned upon the completion of a private offering of at least $150 million principal amount of unsecured senior debt securities by March 13, according to a company press release.

The company plans to redeem any remaining notes after the offer ends at $1,029.00 per $1,000 principal amount.

Citigroup Global Markets Inc. (800 558-3745 or collect at 212 723-6106, attn.: liability management group) is the dealer manager. Global Bondholder Services Corp. (866 804-2200 or collect 212 430-3774) is the depositary and information agent.

Meritage, a homebuilder based in Scottsdale, Ariz.

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