Meritage Homes Launches Private Placement of $150 Million Senior Unsecured Notes

Meritage Homes Launches Private Placement of $150 Million Senior Unsecured

SCOTTSDALE, Ariz., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Meritage Homes
Corporation (NYSE:MTH), a leading U.S. homebuilder, today announced its
intention to offer, subject to market and other conditions, $150 million
aggregate principal amount of senior unsecured 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

Final terms of the notes, including the maturity date, interest rate and other
terms, will be determined through negotiations between Meritage and the
initial purchaser of the notes.

Meritage intends to use a portion of the net proceeds from the offering to
repurchase or redeem all outstanding $99.8 million aggregate principal amount
of its 7.731% senior subordinated notes due 2017 with the remaining proceeds
to be used for general corporate purposes.

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.

About Meritage Homes Corporation

Meritage Homes is the ninth-largest public homebuilder in the United States
based on homes closed in 2011. Meritage builds a variety of homes across the
Southern and Western states to appeal to a wide range of buyers, including
first-time, move-up, luxury and active adults. As of December 31, 2012, the
company had 158 actively selling communities in 15 metropolitan areas,
including Northern California, East Bay/Central Valley and Southern
California, Houston, Dallas/Ft. Worth, Austin, San Antonio,
Phoenix/Scottsdale, Tucson, Las Vegas, Denver, Orlando, Tampa and
Raleigh-Durham. In 2012, Meritage also announced its entry into the Charlotte

Meritage is an industry leader in innovation and energy efficiency. Meritage
was the first national homebuilder to be 100 percent ENERGY STAR^® qualified
in every home it builds, and far exceeds ENERGY STAR standards in most of its
communities. Meritage has designed and built more than 75,000 homes in its
27-year history, and has a reputation for its distinctive style, quality
construction, and positive customer experience.

For more information, visit

The Meritage Homes Corporation logo is available at

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements include
those regarding Meritage's intentions to offer $150 million of senior
unsecured notes and to use the net proceeds from the offering, together with
available cash, to repurchase $99.8 million aggregate principal amount of its
7.731% Senior Subordinated Notes due 2017, all of which are subject to
significant risks and uncertainties. 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. The risks and uncertainties include but are not
limited to the following: weakness in the homebuilding market resulting from
an unexpected setback in the current economic recovery; the availability of
finished lots and undeveloped land; interest rates and changes in the
availability and pricing of residential mortgages; the availability and cost
of materials and labor; adverse changes in tax laws that benefit our
homebuyers; the ability of our potential buyers to sell their existing homes;
cancellation rates and home prices in our markets; inflation in the cost of
materials used to construct homes; the adverse effect of slower order
absorption rates; potential write-downs or write-offs of assets, including
pre-acquisition costs and deposits; our potential exposure to natural
disasters; competition; the adverse impacts of cancellations resulting from
small deposits relating to our sales contracts; construction defect and home
warranty claims; our success in prevailing on contested tax positions; our
ability to preserve our deferred tax assets and use them within the statutory
time limits; our ability to obtain performance bonds in connection with our
development work; the liquidity of our joint ventures and the ability of our
joint venture partners to meet their obligations to us and the joint venture;
the loss of key personnel; our failure to comply with laws and regulations;
our lack of geographic diversification; fluctuations in quarterly operating
results; the company's financial leverage and level of indebtedness; our
ability to take certain actions because of restrictions contained in the
indentures for the company's senior and senior subordinated notes and our
ability to raise additional capital when and if needed; our credit ratings;
successful integration of future acquisitions; government regulations and
legislative or other initiatives that seek to restrain growth or 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 December31, 2012 under
the caption "Risk Factors," which can be found on our website.

CONTACT: Brent Anderson, VP Investor Relations
         (972) 580-6360 (office)

Meritage Homes Corporation Logo
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