Meritage Homes Announces Pricing of $175 Million Senior Unsecured Notes

Meritage Homes Announces Pricing of $175 Million Senior Unsecured Notes

SCOTTSDALE, Ariz., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Meritage Homes
Corporation (NYSE:MTH), a leading U.S. homebuilder, today announced the
pricing of a $175 million aggregate principal amount of senior unsecured notes
due 2018. The bonds were priced with a coupon of4.50% and sold at par.The
notes were offered 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.The expected closing date for the
private placement of these notes is March 13, 2013.

As announced earlier today, Meritage intends to use a portion of the net
proceeds from the offering to repurchase or redeem all $99,825,000 aggregate
principal amount of its 7.731% senior subordinated notes due 2017 with the
remaining net proceeds to be used for general corporate purposes. Adjusting
for the offering of the notes and the related transactions described above, as
of December 31, 2012, Meritage would have had approximately $366 million of
cash and cash equivalents outstanding and approximately $798 million of total
debt outstanding.

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 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 December31, 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 the expected closing date of the notes offering and Meritage's
intended use of the net proceeds from the offering, 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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