Exhibit
99.2
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Listed
on the NYSE: MTH
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press
release
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Contacts:
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Investor Relations:
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Corporate Communications:
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Brent Anderson
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Jane Hays
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Vice
President-Investor Relations
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Vice
President-Corporate Communications
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(972) 543-8207
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(972) 543-8123
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MERITAGE HOMES ANNOUNCES PRICING OF ITS COMMON STOCK OFFERING
Scottsdale, Ariz. (April 17, 2008) – Meritage Homes Corporation
(NYSE: MTH), a leading U.S. homebuilder, announced today that it has priced a
public offering of 4,000,000 shares of its common stock at $20.50 per share.
The Company has granted the underwriters an option to purchase up to an
additional 600,000 shares within a 30-day period, to cover over allotments, if
any. The offering is expected to close on April 23, 2008, subject to
customary closing conditions. Meritage plans to use the proceeds received from
this offering for working capital and other general corporate purposes.
The offering was made through an underwriting syndicate, with Citi
Markets & Banking serving as sole book-running manager and
representative of the underwriters.
A printed copy of the prospectus supplement relating to the offering
may be obtained by contacting Citi Markets & Banking, 140 58th Street,
8th Floor, Brooklyn, New York 11220, (telephone number: 718-765-6732.)
This release shall not constitute an offer to sell or the solicitation
of an offer to buy any of these securities, nor shall there be any sale of
these securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
any such state.
MTH PRICING OF STOCK OFFERING/ 2
About
Meritage Homes Corporation
Meritage Homes Corporation (NYSE:MTH) builds primarily single-family
homes across the southern and western United States under the Meritage,
Monterey and Legacy brands. Meritage has active communities in Houston,
Dallas/Ft. Worth, Austin, San Antonio, Phoenix/Scottsdale, Tucson, Las Vegas,
the California East Bay/Central Valley and Inland Empire, Denver and
Orlando. The Company was ranked by
Builder magazine in 2007 as the 12th largest homebuilder in the U.S. and ranked
#580 on the 2007 Fortune 1000 list. For more information about the Company,
visit www.meritagehomes.com.
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Forward-Looking
Statements
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
Company’s proposed secondary offering of common stock, subject to current market conditions, 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,
including: the ability to successfully complete the proposed offering, fluctuations
in demand, competition, sales orders, cancellation rates and home prices in our
markets; potential write-downs or write-offs of assets or deposits; interest
rates and changes in the availability and pricing of residential mortgages;
housing affordability; success in
locating and negotiating potential acquisitions; successful integration of
acquired operations with existing operations; investments in land and
development joint ventures; dependence on key personnel and the availability of
satisfactory subcontractors; materials and labor costs; the ability to take
certain actions because of restrictions contained in the indentures for the
Company’s senior and senior subordinated notes and the agreement for the
unsecured credit facility; the Company’s lack of geographic diversification;
the cost and availability of insurance, including the unavailability of
insurance for the presence of mold; potential exposure to natural disasters;
the impact of construction defect and home warranty claims; demand for and
acceptance of the Company’s homes; changes in the availability and pricing of
real estate in the markets in which the Company operates; the ability to
acquire additional land or options to acquire additional land on acceptable
terms; the exposure to obligations under performance and surety bonds, performance
guarantees and letters of credit; general economic slow downs; consumer
confidence, which can be impacted by economic and other factors such as
terrorism, war, or threats thereof and changes in energy prices or stock
markets; inflation in the cost of materials used to construct homes; the
Company’s level of indebtedness and the ability to raise additional capital
when and if needed; legislative or other initiatives that seek to restrain
growth or new housing construction or similar measures 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 December 31,
2007, under the caption “Risk Factors.” As a result of these and other factors,
the Company’s stock and note prices may fluctuate dramatically.
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