Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Senior notes, net consist of the following (in thousands):
As of
March 31, 2021 December 31, 2020
7.00% senior notes due 2022
300,000  300,000 
6.00% senior notes due 2025. At March 31, 2021 and December 31, 2020 there was approximately $3,409 and $3,614 in net unamortized premium, respectively.
403,409  403,614 
5.125% senior notes due 2027
300,000  300,000 
Net debt issuance costs (6,197) (6,623)
Total $ 997,212  $ 996,991 
The indentures for all of our senior notes contain non-financial covenants including, among others, limitations on the amount of secured debt we may incur, and limitations on sale and leaseback transactions and mergers. We were in compliance with all such covenants as of March 31, 2021.
Obligations to pay principal and interest on the senior notes are guaranteed by substantially all of our wholly-owned subsidiaries (each a “Guarantor” and, collectively, the “Guarantor Subsidiaries”), each of which is directly or indirectly 100% owned by Meritage Homes Corporation. Such guarantees are full and unconditional, and joint and several. In the event of a sale or other disposition of all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the equity interests of any Guarantor then held by Meritage and its subsidiaries, then that Guarantor may be released and relieved of any obligations under its note guarantee. There are no significant restrictions on our ability or the ability of any Guarantor to obtain funds from their respective subsidiaries, as applicable, by dividend or loan. We do not provide separate financial statements of the Guarantor Subsidiaries because Meritage (the parent company) has no independent assets or operations and the guarantees are full and unconditional and joint and several. Subsidiaries of Meritage Homes Corporation that are non-guarantor subsidiaries are, individually and in the aggregate, minor.
See Note 16 for information related to the early redemption of our 7.00% senior notes due 2022 (the "2022 Notes") subsequent to March 31, 2021.