Exhibit 99.1
Contacts:
|
Investor Relations: | Corporate Communications: | ||
| Brent Anderson Vice President-Investor Relations (972) 580-6360 |
Jane Hays Vice President-Corporate Marketing/ Communications (972) 580-6353 |
meritage homes announces results of tender offers as of the early tender date
for notes due in 2014 and 2015
for notes due in 2014 and 2015
Scottsdale, Ariz. (April 20, 2010) — Meritage Homes Corporation (NYSE: MTH), one of
America’s top 10 homebuilders, announced today the expiration of the early tender period in the
Company’s tender offer to purchase any or all of its outstanding $130 million 7.00% Senior Notes
due 2014 (“2014 Notes”), and the expiration of the Dutch Auction early tender period for up to $65
million of its outstanding 6.25% Senior Notes due 2015 (“2015 Notes”). The tender offers were made
pursuant to an Offer to Purchase dated April 6, 2010, the related Letter of Transmittal and
Meritage’s press release dated April 6, 2010, (collectively, the “Tender Offer”), which set forth a
more detailed description of the terms of the Tender Offer.
The Early Tender Date for the Any and All Tender Offer expired at 12:00 midnight, New York
City time, on April 19, 2010 (the “Expiration Date”). Based on information provided by the
depositary for the Tender Offer, an aggregate principal amount of
approximately $107.1 million of 2014
Notes were validly tendered and not validly withdrawn in the Tender Offer.
The Dutch Auction Early Tender Date for the Dutch Auction Tender Offer expired at 12:00
midnight, New York City time, on April 19, 2010, (the “Expiration Date”). Based on information
provided by the depositary for the Tender Offer, an aggregate principal amount of approximately $139.9 million of 2015 Notes were validly tendered and not validly withdrawn in the Dutch Tender Offer,
which exceeded the Maximum Tender Amount of $65 million. As a result, the 2015 Notes accepted for purchase will be subject to proration pursuant to the
terms of the Tender Offer as noted in the press release dated April 6, 2010 and the related Offer to Purchase.
Both the Any and All Tender Offer and the Dutch Auction Tender Offer will expire at 12:00
midnight, New York City time, on May 3, 2010, unless extended, after which the Company will
announce final results of the tender offers.
As previously disclosed in the press releases issued on April 6, 2010, the tender offers are
part of a series of related financing transactions that also included a private placement of $200
million aggregate principal amount of 7.15% Senior Unsecured Notes due 2020, which was completed on
April 13, 2010.