Meritage collects no more tenders for 7.731% notes since early tally

By Susanna Moon

Chicago, March 27 - Meritage Homes Corp. said it received total tenders for $16.7 million of its $99,825,000 principal amount of 7.731% senior subordinated notes due 2017 in the offer that ended at midnight ET on March 26.

The tendered amount remains unchanged since the early tender and consent date of March 12.

Meritage also solicited consents to amend the notes.

The total purchase price was $1,033.75 for each $1,000 principal amount of notes tendered in the offer by midnight ET on March 12. The total payment included an early consent payment of $30.00 per $1,000 of notes tendered by the early deadline.

Those who tendered after the early deadline would have received $1,003.75 per $1,000 of notes.

Holders also receive accrued interest up to but excluding the payment date.

The company previously said that the offer is conditioned upon the completion of an offering of at least $150 million of senior debt securities by March 13.

The company has called the remaining notes for redemption and previously said it planned to redeem any remaining notes at $1,029.00 per $1,000 principal amount.

Citigroup Global Markets Inc. (800 558-3745 or collect at 212 723-6106, attn.: liability management group) was the dealer manager. Global Bondholder Services Corp. (866 804-2200 or collect 212 430-3774) was the depositary and information agent.

The Scottsdale, Ariz.-based homebuilder launched the offer on Feb. 27.

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