Meritage Homes Announces Expiration of Early Tender Period, Preliminary
Results of Tender Offer for 2017 Notes and Notice of Redemption to Holders of
SCOTTSDALE, Ariz., March 13, 2013 (GLOBE NEWSWIRE) -- Meritage Homes
Corporation (NYSE:MTH), a leading U.S. homebuilder, today announced the
expiration of the early tender period and preliminary results for the
Company's cash tender offer to purchase any or all of its outstanding
$99,825,000 aggregate principal amount 7.731% Senior Subordinated Notes due
2017 ("2017 Notes") and its related consent solicitation (together, the
"Tender Offer and Consent Solicitation"). The Tender Offer and Consent
Solicitation was made pursuant to the Company's Offer to Purchase and
Solicitation of Consents, the related Consent and Letter of Transmittal and
press release, each dated February 27, 2013, (collectively, the "Offer
Documents"), which set forth a more detailed description of the terms.
Based on information provided by the depositary for the Tender Offer and
Consent Solicitation, an aggregate principal amount of approximately
$16,700,000 of 2017 Notes were validly tendered and not validly withdrawn in
the Tender Offer and Consent Solicitation.
Holders of 2017 Notes who validly tendered their 2017 Notes in the Tender
Offer and Consent Solicitation as of 12:00 midnight, New York City time on
Tuesday, March 12, 2013 (the "Early Tender & Consent Date") will receive
$1,033.75 per $1,000 principal amount of 2017 Notes accepted in the Tender
Offer and Consent Solicitation.
The tender offer for the 2017 notes will expire at 12:00 midnight, New York
City time, on March 26, 2013 (the "Expiration Date").
Holders of 2017 Notes who validly tender after the Early Tender & Consent Date
and at or before the Expiration Date will receive $1,003.75 per $1,000
principal amount of 2017 Notes accepted in the Tender Offer and Consent
Solicitation, which excludes the early consent payment of $30.00 per $1,000
principal amount of 2017 Notes.
Meritage intends to retire the remaining, untendered 2017 Notes through a call
for redemption, and has provided notice of such call to the holders of the
Payments for the 2017 Notes purchased in the Tender Offer and Consent
Solicitation will include accrued and unpaid interest from and including the
last interest payment date to, but excluding, the settlement date.
As previously disclosed in the press releases issued on February 27, 2013, the
Tender Offer and Consent Solicitation is part of a series of related financing
transactions that also included a private placement of $175 million aggregate
principal amount of its 4.50% Senior Notes due 2018, which was completed on
March 13, 2013.
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 have not been registered under the
Securities Act of 1933, as amended (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 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 meritagehomes.com.
The Meritage Homes Corporation logo is available at
CONTACT: Brent Anderson, VP Investor Relations
(972) 580-6360 (office)
Meritage Homes Corporation Logo
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