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Meritage Homes Announces Cash Tender Offer For Senior Subordinated Notes Due 2017

Stocks in this article: MTH

SCOTTSDALE, Ariz., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH), a leading U.S. homebuilder, today announced the commencement of a cash tender offer to purchase any and all of its $99,825,000 principal amount 7.731% senior subordinated notes due 2017 (the "Offer").

Meritage is making the offer to purchase any and all outstanding notes listed in the table below pursuant to the terms and conditions set forth in the Offer to Purchase and Solicitation of Consents dated February 27, 2013 (the "Offer Documents").

In the tender offer, Meritage is offering to purchase any and all of its outstanding 7.731% senior subordinated notes due 2017.

Title of Security CUSIP Outstanding Principal Amount Tender Offer Consideration (1) Consent Payment (1) Total Consideration (1) (2)
7.731% Senior Subordinated Notes Due 2017 59001AAL 6 $99,825,000 $1,003.75 $30.00 $1,033.75
(1) Per $1,000 principal amount of notes that are accepted for purchase.
(2) Total Consideration includes the Consent Payment and Tender Offer Consideration for notes tendered on or before the Consent Date.

In conjunction with the Offer, and on the terms and conditions set forth in the Offer Documents, Meritage is soliciting consents (the "Consents") to the adoption of proposed amendments to the indenture for the 7.731% senior subordinated notes. Note holders that tender prior to 12:00 midnight, New York City time, on March 12, 2013, unless extended (the "Early Tender & Consent Date"), will be paid in an amount equal to $30.00 for each $1,000.00 principal amount of notes tendered and not validly withdrawn (the "Consent Payment").

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