Meritage begins tender offer, consent solicitation for 6¼% notes

By Angela McDaniels

Tacoma, Wash., March 27 - Meritage Homes Corp. began a tender offer for its $285 million of 6¼% senior notes due 2015, according to a company news release.

The company is also soliciting consents to the adoption of proposed amendments to the indenture.

The amount on offer is $1,013.00 per $1,000 principal amount of notes. This includes a $10.00 consent payment for every note tendered by midnight ET on April 9, the early tender and consent date.

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

The offer will expire at midnight ET on April 23.

The offer is conditioned on the receipt of the needed consents and the completion by Meritage of an offering of not less than $250 million principal amount of senior debt securities that closes no later than April 10.

Subject to the financing condition, the company plans to redeem any notes not tendered in the offer. The redemption price will be $1,010.42 per $1,000 principal amount.

The dealer manager is Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106). The depositary and information agent is Global Bondholder Services Corp. (866 804-2200 or 212 430-3774).

Meritage is a homebuilder based in Scottsdale, Ariz.

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