Meritage Homes Announces Offering of $200 Million of Senior Unsecured Notes Due 2025
May 28 2015 - 7:55AM
Business Wire
Meritage Homes Corporation (NYSE: MTH), a leading U.S.
homebuilder, today announced its intention to offer, subject to
market and other conditions, $200 million aggregate principal
amount of senior unsecured notes due 2025 (the “notes”) to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”) and
outside the United States to persons other than U.S. persons in
reliance upon Regulation S under the Securities Act.
Final terms of the notes, including the interest rate, maturity
date and other terms, will be determined through negotiations
between Meritage and the initial purchasers of the notes.
Meritage intends to use the net proceeds for general corporate
purposes, including the repayment of outstanding borrowings under
the company’s unsecured revolving credit facility.
This announcement is neither an offer to sell nor a solicitation
of an offer to buy any of these securities and shall not constitute
an offer, solicitation, or sale in any jurisdiction in which such
offer, solicitation, or sale is unlawful. The securities will not
be registered under the Securities Act of 1933, as amended, or any
state securities laws, and unless so registered, may not be offered
or sold in the United States except pursuant to an exemption from
the registration requirements of the Securities Act and applicable
state laws.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include management's intention to offer $200
million of new notes and the intended use of the net proceeds from
the issuance of the notes.
Such statements are based upon the current beliefs and
expectations of Company management, and current market conditions,
which are subject to significant risks and uncertainties. Actual
results may differ from those set forth in the forward-looking
statements. The Company makes no commitment, and disclaims any
duty, to update or revise any forward-looking statements to reflect
future events or changes in these expectations. Meritage's business
is subject to a number of risks and uncertainties. As a result of
those risks and uncertainties, the Company's stock and note prices
may fluctuate dramatically. These risks and uncertainties include,
but are not limited to, the following: the availability of finished
lots and undeveloped land; interest rates and changes in the
availability and pricing of residential mortgages; fluctuations in
the availability and cost of labor; changes in tax laws that
adversely impact our homebuyers; the ability of our potential
buyers to sell their existing homes; cancellation rates and home
prices in our markets; weakness in the homebuilding market
resulting from an unexpected setback in the current economic
recovery due to lower oil prices or other factors; inflation in the
cost of materials used to develop communities and construct homes;
the adverse effect of slower order absorption rates; potential
write-downs or write-offs of assets; changes in tax laws; a change
to the feasibility of projects under option or contract that could
result in the write-down or write-off of option deposits; our
ability to successfully integrate acquired companies and achieve
anticipated benefits from these acquisitions; our potential
exposure to natural disasters; competition; construction defect and
home warranty claims; adverse legal rulings; our success in
prevailing on contested tax positions; our ability to obtain
performance bonds in connection with our development work; the loss
of key personnel; changes in or our failure to comply with laws and
regulations; limitations of our geographic diversification;
fluctuations in quarterly operating results; our financial leverage
and level of indebtedness and our ability to take certain actions
because of restrictions contained in the indentures for our senior
notes and our ability to raise additional capital when and if
needed; our credit ratings; successful integration of future
acquisitions; our compliance with government regulations and the
effect of legislative or other initiatives that seek to restrain
growth of new housing construction or similar measures; acts of
war; the replication of our "Green" technologies by our
competitors; our exposure to information technology failures and
security breaches; and other factors identified in documents filed
by the company with the Securities and Exchange Commission,
including those set forth in our Form 10-K for the year ended
December 31, 2014 under the caption "Risk Factors," which can be
found on our website.
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version on businesswire.com: http://www.businesswire.com/news/home/20150528005738/en/
Meritage Homes CorporationBrent Anderson, 972-580-6360VP
Investor RelationsBrent.Anderson@meritagehomes.com
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