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0001104659-06-045276.txt : 20060705
0001104659-06-045276.hdr.sgml : 20060704
20060705124352
ACCESSION NUMBER: 0001104659-06-045276
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 5
CONFORMED PERIOD OF REPORT: 20060630
ITEM INFORMATION: Entry into a Material Definitive Agreement
ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20060705
DATE AS OF CHANGE: 20060705
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Meritage Homes CORP
CENTRAL INDEX KEY: 0000833079
STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531]
IRS NUMBER: 860611231
STATE OF INCORPORATION: MD
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-09977
FILM NUMBER: 06942412
BUSINESS ADDRESS:
STREET 1: 8501 E. PRINCESS DRIVE
STREET 2: STE 290
CITY: SCOTTSDALE
STATE: AZ
ZIP: 85255
BUSINESS PHONE: 4802222444
MAIL ADDRESS:
STREET 1: 8501 E. PRINCESS DRIVE
STREET 2: SUITE 290
CITY: SCOTTSDALE
STATE: AZ
ZIP: 85255
FORMER COMPANY:
FORMER CONFORMED NAME: MERITAGE CORP
DATE OF NAME CHANGE: 19981009
FORMER COMPANY:
FORMER CONFORMED NAME: MONTEREY HOMES CORP
DATE OF NAME CHANGE: 19970113
FORMER COMPANY:
FORMER CONFORMED NAME: HOMEPLEX MORTGAGE INVESTMENTS CORP
DATE OF NAME CHANGE: 19920703
8-K
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a06-14826_18k.htm
CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) June 30,
2006
MERITAGE
HOMES CORPORATION
(Exact
Name of Registrant as Specified in Charter)
Maryland
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1-9977
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86-0611231
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(State or Other
Jurisdiction
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(Commission File
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(IRS Employer
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of
Incorporation)
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Number)
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Identification
No.)
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17851 N. 85th Street, Suite 300, Scottsdale, Arizona
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85255
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(Address of
Principal Executive Offices)
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(Zip Code)
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(480) 609-3330
(Registrants telephone number, including area code)
(Former
Name or Former Address, if Changed Since Last Report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry
into a Material Definitive Agreement.
Item 2.03 Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.
On
June 30, 2006, we amended our First Amended and Restated Credit Agreement (the
Credit Agreement) with Guaranty Bank, as administrative agent and swing line
lender, and various other financial institutions to increase our borrowing
capacity under the Credit Agreement by $50 million and to make certain other
minor changes. The total borrowing capacity of the credit facility is now $850
million. The increase in capacity was made pursuant to an accordion feature
contained in the Credit Agreement. In addition, we amended Section 7.09 of
the Credit Agreement to clarify certain exceptions to the covenant concerning
restrictions on burdensome agreements.
Except
as noted above, all other terms and provisions in the Credit Agreement remain
unchanged as a result of this amendment. We intend to use the available proceeds under
our credit facility for general corporate purposes.
A
copy of the First Amendment and Commitment Increase Agreement is filed as Exhibit 10.1
to this Form 8-K and is incorporated by reference herein. A copy of our press release announcing the
increase is filed as Exhibit 99.1 to this Form 8-K and is
incorporated by reference herein.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits
10.1 First Amendment and Commitment Increase
Agreement, dated June 30, 2006
99.1 Press
Release dated July 5, 2006
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Dated: July 5,
2006
MERITAGE HOMES CORPORATION
/s/ Vicki L. Biggs
By: Vicki L. Biggs
Controller and Chief Accounting
Officer
EX-10.1
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a06-14826_1ex10d1.htm
EX-10
Exhibit
10.1
FIRST AMENDMENT AND
COMMITMENT INCREASE AGREEMENT
Dated as of June 30, 2006
among
MERITAGE HOMES CORPORATION,
as the Borrower,
GUARANTY BANK
as Administrative Agent and Swing Line Lender,
JPMORGAN CHASE BANK, N.A.,
as Syndication Agent,
WACHOVIA BANK, NATIONAL ASSOCIATION and BANK OF
AMERICA, N.A.,
as Co-Documentation Agents,
U. S. BANK NATIONAL ASSOCIATION,
WELLS FARGO BANK, NATIONAL
ASSOCIATION,
CITICORP NORTH AMERICA, INC.,
DEUTSCHE BANK TRUST COMPANY
AMERICAS,
UBS SECURITIES LLC, and PNB
PARBIAS
as Managing Agents,
PNC BANK, NATIONAL ASSOCIATION and SUNTRUST BANK,
as Co-Agents,
and
The Other Lenders Party
Hereto
GUARANTY BANK,
as Joint Lead Arranger and
Joint Book Manager
and
J. P. MORGAN SECURITIES, INC.,
as Joint Lead Arranger and Joint Book Manager
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FIRST AMENDMENT AND COMMITMENT INCREASE AGREEMENT
This First Amendment and Commitment Increase Agreement
(this First Amendment) dated as of June 30, 2006, is entered into
among Meritage Homes Corporation, a Maryland corporation (the Borrower),
the lenders listed on the signature pages hereof as Lenders (the Lenders),
BNP Paribas, in its capacity as a Lender (the New Lender), and
Guaranty Bank, in its capacity as Administrative Agent and Swing Line Lender
(the Administrative Agent). Capitalized terms used herein and not
otherwise defined herein shall have the meanings attributed to them in the
Credit Agreement (as defined below).
BACKGROUND
A. The Borrower, Lenders and the Administrative Agent are
parties to that certain First Amended and Restated Credit Agreement dated as of
May 16, 2006 (as amended, modified, supplemented or restated, the Credit
Agreement).
B. The Borrower has requested an amendment to Section 7.09
of the Credit Agreement.
C. Pursuant to Section 2.15 of the Credit
Agreement, the Borrower has requested an increase in the Aggregate Commitments
from $800,000,000 to $850,000,000. The
New Lender has agreed to extend a Commitment in the amount of $50,000,000. Such
increase in the Aggregate Commitments is to become effective on June 30,
2006 (the Increase Closing Date), subject to satisfaction of the
conditions to effectiveness set forth in Section 7(a) of this First
Amendment.
NOW, THEREFORE, in consideration of the covenants,
conditions and agreements hereafter set forth, and for other good and valuable
consideration, the receipt and adequacy of which are all hereby acknowledged,
the Borrower, the Lenders, the New Lender, the Swing Line Lender and the
Administrative Agent covenant and agree as follows:
1. AMENDMENT. Section 7.09 of the Credit
Agreement is hereby amended to read as follows:
7.09 Burdensome
Agreements. Enter into any Contractual Obligation that (a) limits
the ability (i) of any Restricted Subsidiary to make Restricted Payments
to the Borrower or any Guarantor or to otherwise transfer property to the
Borrower or any Guarantor, (ii) of any Restricted Subsidiary to Guarantee
the Indebtedness of the Borrower or (iii) of the Borrower or any
Restricted Subsidiary to create, incur, assume or suffer to exist Liens on
property of such Person to secure its obligations under the Loan Documents to
which it is a party; provided, however, that this clause (iii) shall
not prohibit (1) any negative pledge incurred or provided in favor of any
holder of Indebtedness permitted under Section 7.03(f) solely to
the extent any such negative pledge relates to the property financed by or the
subject of such Indebtedness or (2) any negative pledge incurred or
provided in favor of any holder of any Public Indebtedness permitted under Section 7.03(e);
or (b) requires the grant of a Lien to secure an
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obligation of such Person if a Lien is granted to
secure another obligation of such Person, provided that this clause (b) shall
not prohibit the requirement of granting a pari passu Lien in favor of any
holder of any Public Indebtedness permitted under Section 7.03(e) if the Obligations hereunder are required to be
secured; provided, further, however, the foregoing shall not apply to (w) restrictions
imposed by Law, this Agreement or any other Loan Documents or the Senior Notes,
(x) customary restrictions and conditions contained in agreements relating
to a sale of a Subsidiary or all or substantially all of its assets pending
such sale, provided such restrictions and conditions apply only to the
Subsidiary that is sold and such sale is permitted hereunder, (y) customary
provisions in leases, partnership agreements, limited liability company
organizational governance documents, joint venture agreements and other similar
agreements entered into in the ordinary course of business that restrict the
transfer or encumbrance of leasehold interests or ownership interests in such
partnership, limited liability company, joint venture or similar Person and (z) with
respect to clause (iii) customary provisions in leases restricting
the assignment thereof.
2. WAIVER. Subject to the
satisfaction of the conditions to effectiveness set forth in Section 7
hereof, the Lenders hereby waive any Events of Default that may have occurred
prior to the effectiveness of this First Amendment with respect to any
limitation set forth Section 7.09 of the Credit Agreement that
restricts the transfer or encumbrance of leasehold interests or ownership
interests in a partnership, limited liability company, joint venture or similar
Person. The waiver herein is limited and does not affect any other covenant or
provision of the Credit Agreement or any other Loan Document.
3. AGGREGATE COMMITMENTS INCREASE.
On the Increase Closing Date and subject to the satisfaction of the conditions
to effectiveness set forth in Section 7(a) of this First Amendment,
the New Lender agrees to extend a Commitment in the amount of $50,000,000.
4. SCHEDULE 2.01. As of
the Increase Closing Date and subject to the satisfaction of the conditions to
effectiveness set forth in Section 7(a) of this First Amendment, Schedule 2.01
to the Credit Agreement shall be replaced by the form of Schedule 2.01
to this First Amendment.
5. NEW LENDER.
(a) The New Lender
represents and warrants to the Administrative Agent as follows:
(i) it has received a
copy of the Credit Agreement and all amendments thereto, together with copies
of the most recent financial statements of the Borrower delivered pursuant
thereto;
(ii) it has,
independently and without reliance upon any Agent-Related Person and based on
such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business,
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prospects,
operations, property, financial and other condition and creditworthiness of the
Loan Parties and their respective Subsidiaries, and all applicable bank or
other regulatory Laws relating to the transactions contemplated by the Credit
Agreement, and made its own decision to enter into the Credit Agreement and to
extend credit to the Borrower and the other Loan Parties under the Credit
Agreement;
(iii) it will,
independently and without reliance upon any Agent-Related Person and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis, appraisals and decisions in taking or
not taking action under the Credit Agreement and the other Loan Documents, and
to make such investigations as it deems necessary to inform itself as to the
business, prospects, operations, property, and other condition and
creditworthiness of the Borrower and the other Loan Parties.
(b) The New Lender
acknowledges as follows:
(i) no Agent-Related
Person has made any representation or warranty to it, and no act by the
Administrative Agent hereafter taken, including any consent to and acceptance
of any assignment or review of the affairs of any Loan Party or any Affiliate
thereof, shall be deemed to constitute any representation or warranty by any
Agent-Related Person to any Lender as to any matter, including whether
Agent-Related Persons have disclosed material information in their possession;
(ii) except for notices,
reports and other documents expressly required to be furnished to the Lenders
by the Administrative Agent pursuant to the Credit Agreement, the Administrative
Agent shall not have any duty or responsibility to provide any Lender with any
credit or other information concerning the business, prospects, operations,
property, financial and other condition or creditworthiness of any of the Loan
Parties or any of their respective Affiliates which may come into the
possession of any Agent-Related Person; and
(iii) on the Increase
Closing Date and subject to the satisfaction of the conditions to effectiveness
set forth in this Section 7(a) of this First Amendment, it shall be
deemed automatically to have become a party to the Credit Agreement and have
all rights and obligations of a Lender under the Credit Agreement and the other
Loan Documents as if it were an original Lender signatory thereto.
(c) On the Increase
Closing Date and subject to the satisfaction of the conditions to effectiveness
set forth in Section 7(a) of this First Amendment, the New Lender
agrees to be bound by the terms and conditions set forth in the Credit
Agreement and the other Loan Documents applicable to the Lenders as if it were
an original Lender signatory thereto (and expressly makes the appointment set
forth in, and agrees to the obligations imposed under, Article IX
of the Credit Agreement).
4
6. REPRESENTATIONS AND WARRANTIES.
By its execution and delivery hereof, the Borrower represents and warrants
that, as of the date hereof, and after giving effect to the increase in the
Aggregate Commitments provided for in this First Amendment and the waiver set
forth in the foregoing Section 2:
(a) the representations
and warranties contained in the Credit Agreement and the other Loan Documents
are true and correct on and as of the date hereof as made on and as of such
date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct as of such
earlier date, and except that the representatio ns
contained in subsections (a) and (b) of Section 5.05
of the Credit Agreement shall be deemed to refer to the most recent statements
furnish pursuant to subsections (a) and (b), respectively, of Section 6.01
of the Credit Agreement;
(b) no event has
occurred and is continuing which constitutes a Default or an Event of Default;
(c) (i) the
Borrower has full power and authority to execute and deliver this First
Amendment, and a Note payable to the order of the New Lender in the amount of
such Lenders Commitment as established pursuant to this First Amendment (the New
Note), (ii) this First Amendment and the New Note have been duly
executed and delivered by the Borrower and (iii) this First Amendment, the
New Note, and the Credit Agreement, as amended hereby, constitute the legal,
valid and binding obligations of the Borrower, enforceable in accordance with
their respective terms, except as enforceability may be limited by applicable
Debtor Relief Laws and by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law) and except as rights
to indemnity may be limited by federal or state securities laws;
(d) neither the
execution, delivery and performance of this First Amendment, the New Note, or
the Credit Agreement, as amended hereby, nor the consummation of any
transactions contemplated herein or therein, will violate any Law or conflict
with any Organization Documents of the Borrower, or any indenture, agreement or
other instrument to which the Borrower or any of it property is subject; and
(e) no authorization, approval, consent, or other
action by, notice to, or filing with, any Governmental Authority or other
Person not previously obtained is required for (i) the execution, delivery
or performance by the Borrower, of this First Amendment or the New Note or (ii) the
acknowledgement by each Guarantor of this First Amendment.
7. CONDITIONS TO EFFECTIVENESS.
(a) All provisions of
this First Amendment except Sections 1 and 2 shall be effective on the Increase
Closing Date, subject to the satisfaction or completion of the following:
(i) the Administrative
Agent shall have received counterparts of this First Amendment executed by the
New Lender;
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(ii) the Administrative
Agent shall have received counterparts of this First Amendment executed by the
Borrower and acknowledged by each Guarantor;
(iii) the Administrative
Agent shall have received an opinion of the Borrowers counsel, in form and
substance satisfactory to the Administrative Agent, with respect to matters set
forth in Sections 6(c), (d), and (e) of this First Amendment;
(iv) the Administrative
Agent shall have received from the Borrower a duly executed New Note for the
New Lender;
(v) the Administrative
Agent shall have received the certificate of each Loan Party required by Section 2.15(b)
of the Credit Agreement; and
(vi) the Administrative
Agent shall have received, in form and substance satisfactory to the
Administrative Agent and its counsel, such other documents, certificates and
instruments as the Administrative Agent shall require.
(b) Sections 1 and
2 of this First Amendment shall be effective as of June 30, 2006, subject
to satisfaction of, or completion of, the following:
(i) the Administrative
Agent shall have received counterparts of this First Amendment executed by the
Required Lenders; and
(ii) the Administrative
Agent shall have received counterparts of this First Amendment executed by the
Borrower and acknowledged by each Guarantor.
8. PREPAYMENT. On the Increase
Closing Date and subject to the satisfaction of the conditions to effectiveness
set forth in Section 7(a) of this First Amendment, each Lender shall,
to the extent necessary as set forth in Section 2.15(b) of the
Credit Agreement, make a payment to the Administrative Agent in an amount
sufficient, upon the application of such payments by all Lenders to the
reduction of outstanding Revolving Loans held by the Lenders to cause the
principal amount of Revolving Loans made by each Lender to be in the amount of
its Pro Rata Share (after giving effect to the increase in the Aggregate
Commitments in accordance with this First Amendment) of all outstanding
Revolving Loans. If, as a result of the repayment of Revolving Loans provided
for in this Section 8, any payment of Eurodollar Rate Loans occurs on a
day which is not the last day of the applicable Interest Period, the Borrower
will pay to the Administrative Agent for the benefit of any Lender holding a
Eurodollar Rate Loan any loss or cost incurred by such Lender resulting
therefrom in accordance with Section 3.05 of the Credit Agreement. Upon
the Increase Closing Date and the making of the payments described in this Section 8,
the New Lender shall be deemed to have irrevocably and unconditionally
purchased and received, without recourse or warranty, an undivided
participation in all outstanding Swing Line Loans and L/C Obligations in
accordance with its Pro Rata Share (after giving effect to the increase in the
Aggregate Commitments in accordance with this First Amendment).
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9. REFERENCE TO THE CREDIT
AGREEMENT.
(a) Upon the
effectiveness of this First Amendment, each reference in the Credit Agreement
to this Agreement, hereunder, or words of like import shall mean and be a
reference to the Credit Agreement, as modified hereby. This First Amendment
shall be a Loan Document.
(b) The Credit
Agreement, as modified herein, shall remain in full force and effect and is hereby
ratified and confirmed.
10. COSTS, EXPENSES AND TAXES. The
Borrower agrees to pay on demand all costs and expenses of the Administrative
Agent in connection with the preparation, reproduction, execution and delivery
of this First Amendment and the other instruments and documents to be delivered
hereunder (including the reasonable fees and out-of-pocket expenses of counsel
for the Administrative Agent with respect thereto).
11. GUARANTORS ACKNOWLEDGMENT. By
signing below, each Guarantor (a) acknowledges, consents and agrees to the
execution, delivery and performance by the Borrower of this First Amendment, (b) acknowledges
and agrees that its obligations in respect of its Guaranty (i) are not
released, diminished, waived, modified, impaired or affected in any manner by
this First Amendment or any of the provisions contemplated herein and (ii) cover
the Aggregate Commitments as increased by this First Amendment, (c) ratifies
and confirms its obligations under its Guaranty, and (d) acknowledges and
agrees that it has no claims or offsets against, or defenses or counterclaims
to, its Guaranty.
12. EXECUTION IN COUNTERPARTS. This
First Amendment may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which when taken
together shall constitute but one and the same instrument. For purposes of this
First Amendment, a counterpart hereof (or signature page thereto) signed
and transmitted by any Person party hereto to the Administrative Agent (or its
counsel) by facsimile machine, telecopier or electronic mail is to be treated
as an original. The signature of such Person thereon, for purposes hereof, is
to be considered as an original signature, and the counterpart (or signature page thereto)
so transmitted is to be considered to have the same binding effect as an
original signature on an original document.
13. GOVERNING LAW; BINDING EFFECT.
This First Amendment shall be deemed to be a contract made under and governed
by and continued in accordance with the internal laws of the State of Texas
applicable to agreements made and to be performed entirely within such state,
provided that each party shall retain all rights arising under federal law. This
First Amendment shall be binding upon the parties hereto and their respective
successors and assigns.
14. HEADINGS. Section headings
in this First Amendment are included herein for convenience of reference only
and shall not constitute a part of this First Amendment for any other purpose.
7
15. ENTIRE AGREEMENT. THE CREDIT
AGREEMENT, AS AMENDED BY THIS FIRST AMENDMENT, AND THE OTHER LOAN DOCUMENTS,
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.
REMAINDER OF PAGE LEFT INTENTIONALLY BLANK
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IN WITNESS WHEREOF, the parties hereto have executed
this First Amendment by their duly authorized officers as of the date first
above written.
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MERITAGE HOMES CORPORATION
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By:
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/s/ Larry W. Seay
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Name:
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Larry W. Seay
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Title:
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Executive Vice President and
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Chief Financial Officer
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GUARANTY BANK, as
Administrative Agent
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By:
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/s/ Robert A. Miller, Jr.
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Name:
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Robert A. Miller, Jr.
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Title:
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Senior Vice President
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GUARANTY BANK, as a Lender
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By:
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/s/ Robert A. Miller, Jr.
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Name:
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Robert A. Miller, Jr.
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Title:
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Senior Vice President
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JPMORGAN CHASE BANK, N.A., as
a Lender
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By:
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/s/ Kent A. Kaiser
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Name:
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Kent A. Kaiser
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Title:
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Senior Vice President
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BANK OF AMERICA, N.A.,
as a Lender
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By:
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/s/ Mark W. Lariviere
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Name:
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Mark W. Lariviere
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Title:
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Senior Vice President
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WACHOVIA BANK, NATIONAL ASSOCIATION,
as a Lender
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By:
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/s/ William Scargle
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Name:
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William Scargle
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Title:
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Vice President
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U. S. BANK NATIONAL ASSOCIATION,
as a Lender
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By:
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/s/ Adrian Montero
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Name:
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Name: Adrian Montero
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Title:
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Title: Vice President
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WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender
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By:
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/s/ Rick Williams
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Name:
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Rick Williams
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Title:
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Banker
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CITICORP NORTH AMERICA, INC.,
as a Lender
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Malau Kakad
|
|
|
|
Name:
|
|
Malau Kakad
|
|
|
|
Title:
|
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Vice President
|
|
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|
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16
|
|
DEUTSCHE BANK TRUST COMPANY AMERICAS,
as a Lender
|
|
|
|
|
|
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By:
|
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/s/ Scottye Lindsey
|
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|
|
Name:
|
|
Scottye Lindsey
|
|
|
|
Title:
|
|
Director
|
|
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|
By:
|
|
/s/ Diane F. Rolfe
|
|
|
|
Name:
|
|
Diane F. Rolfe
|
|
|
|
Title:
|
|
Director
|
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|
|
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|
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|
|
17
|
|
UBS LOAN FINANCE LLC, as a
Lender
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
|
By:
|
|
/s/ Richard L. Tavrow
|
|
|
|
Name:
|
|
Richard L. Tavrow
|
|
|
|
Title:
|
|
Director Banking Products
|
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|
|
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|
Services, US
|
|
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|
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|
By:
|
|
/s/ Irja R. Otsa
|
|
|
|
Name:
|
|
Irja R. Otsa
|
|
|
|
Title:
|
|
Associate Director Banking Products
|
|
|
|
|
|
Services, US
|
|
|
|
|
|
|
|
|
18
|
|
PNC BANK, NATIONAL ASSOCIATION,
as a Lender
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Douglas G. Paul
|
|
|
|
Name:
|
|
Douglas G. Paul
|
|
|
|
Title:
|
|
Senior Vice President
|
|
|
|
|
|
|
|
|
19
|
|
SUNTRUST BANK, as a Lender
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ W. John Wendler
|
|
|
|
Name:
|
|
W. John Wendler
|
|
|
|
Title:
|
|
Senior Vice President
|
|
|
|
|
|
|
|
|
20
|
|
COMERICA BANK, as a Lender
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Casey L. Ostrander
|
|
|
|
Name:
|
|
Casey L. Ostrander
|
|
|
|
Title:
|
|
Vice President
|
|
|
|
|
|
|
|
|
21
|
|
COMPASS BANK, as a Lender
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Steven J. Heslep
|
|
|
|
Name:
|
|
Steven J. Heslep
|
|
|
|
Title:
|
|
Senior Vice President
|
|
|
|
|
|
|
|
|
22
|
|
AMSOUTH BANK, as a Lender
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Ronny Hudspeth
|
|
|
|
Name:
|
|
Ronny Hudspeth
|
|
|
|
Title:
|
|
Senior Vice President
|
|
|
|
|
|
|
|
|
23
|
|
BANK OF OKLAHOMA, N.A., as a
Lender
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Patricia A. Richards
|
|
|
|
Name:
|
|
Patricia A. Richards
|
|
|
|
Title:
|
|
Vice President
|
|
|
|
|
|
|
|
|
24
|
|
LASALLE BANK, N.A., as a
Lender
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Nathaniel Dever
|
|
|
|
Name:
|
|
Nathaniel Dever
|
|
|
|
Title:
|
|
Vice President
|
|
|
|
|
|
|
|
|
25
|
KEYBANK NATIONAL ASSOCIATION, as
a Lender
|
|
|
|
|
|
By:
|
|
/s/ Daniel L. Silbert
|
|
|
Name:
|
Daniel L. Silbert
|
|
|
Title:
|
Vice President
|
26
|
NORTHERN TRUST COMPANY, as a
Lender
|
|
|
|
|
|
By:
|
|
/s/ Morgan A. Lyons
|
|
|
Name:
|
Morgan A. Lyons
|
|
|
Title:
|
Vice President
|
27
|
CALIFORNIA BANK & TRUST COMPANY,
as a Lender
|
|
|
|
|
|
By:
|
|
/s/ Stephanie Lantz
|
|
|
Name:
|
Stephanie Lantz
|
|
|
Title:
|
Vice President
|
28
|
BNP PARIBAS, as a Managing
Agent and the New Lender
|
|
|
|
|
|
By:
|
|
/s/ Duane Helkowski
|
|
|
Name:
|
Duane Helkowski
|
|
|
Title:
|
Managing Director
|
|
|
|
|
|
By:
|
|
/s/ Angela B. Arnold
|
|
|
Name:
|
Angela B. Arnold
|
|
|
Title:
|
Director
|
29
|
ACKNOWLEDGED AND AGREED TO:
|
|
|
|
MERITAGE HOMES OF ARIZONA, INC.
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MERITAGE PASEO CROSSING, LLC
|
|
|
|
By:
|
Meritage Homes of Arizona, Inc., its Sole Member
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MERITAGE HOMES CONSTRUCTION, INC.
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MERITAGE PASEO CONSTRUCTION, LLC
|
|
|
|
By:
|
Meritage Homes Construction, Inc., its Sole Member
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
30
|
MERITAGE HOMES OF TEXAS GP, INC.
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MERITAGE HOMES OF TEXAS LP HOLDING, INC.
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MERITAGE HOMES OF TEXAS, LP
|
|
|
|
By:
|
Meritage Homes of Texas GP, Inc., its General
Partner
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
31
|
MERITAGE HOLDINGS, L.L.C.
|
|
|
|
By:
|
Meritage Homes of Texas, L.P., its Sole Member
|
|
|
|
|
|
By:
|
Meritage Homes of Texas GP, Inc., its General
Partner
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MERITAGE HOMES OPERATING COMPANY, L.P.
|
|
|
|
By:
|
Meritage Holdings, L.L.C., its General Partner
|
|
|
|
|
By:
|
Meritage Homes of Texas, L.P., its Sole Member
|
|
|
|
|
|
By:
|
Meritage Homes of Texas GP, Inc., its General
Partner
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
32
|
MERITAGE HOMES OF TEXAS JOINT VENTURE HOLDING
COMPANY, LLC
|
|
|
|
By:
|
Meritage Homes of Texas, L.P., its Sole Member
|
|
|
|
|
|
By:
|
Meritage Homes of Texas GP, Inc., its General
Partner
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MERITAGE HOMES OF CALIFORNIA, INC.
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MERITAGE HOMES OF NEVADA, INC.
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
33
|
MTH-CAVALIER, LLC
|
|
|
|
By:
|
Meritage Homes Construction, Inc., its Sole
Member
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MTH GOLF, LLC
|
|
|
|
By:
|
Meritage Homes Construction, Inc., its Sole Member
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MERITAGE HOMES OF COLORADO, INC.
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
MERITAGE HOMES OF FLORIDA, INC.
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
34
|
CALIFORNIA URBAN BUILDERS, INC.
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
CALIFORNIA URBAN HOMES, LLC
|
|
|
|
By:
|
Meritage Homes of California, Inc., its Sole Member
and Manager
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
|
GREATER HOMES, INC.
|
|
|
|
|
|
By:
|
|
/s/ Larry W. Seay
|
|
|
Name:
|
Larry W. Seay
|
|
|
Title:
|
Executive Vice President -
|
|
|
|
Chief Financial Officer
|
35
SCHEDULE 2.01
COMMITMENTS
AND PRO RATA SHARES
Lender
|
|
|
|
Commitment
|
|
Pro Rata Share
|
|
Guaranty Bank
|
|
$
|
100,000,000
|
|
11.764710000
|
%
|
JPMorgan Chase Bank,
N.A., a national banking association
|
|
$
|
80,000,000
|
|
9.411760000
|
%
|
Wachovia Bank, National
Association
|
|
$
|
70,000,000
|
|
8.235290000
|
%
|
Bank of America, N.A.
|
|
$
|
60,000,000
|
|
7.058820000
|
%
|
U. S. Bank
National Association
|
|
$
|
50,000,000
|
|
5.882350000
|
%
|
Wells Fargo Bank,
National Association
|
|
$
|
50,000,000
|
|
5.882350000
|
%
|
Citicorp North
America, Inc.
|
|
$
|
50,000,000
|
|
5.882350000
|
%
|
Deutsche Bank Trust
Company Americas
|
|
$
|
50,000,000
|
|
5.882350000
|
%
|
UBS Loan Finance, LLC
|
|
$
|
50,000,000
|
|
5.882350000
|
%
|
BNP Paribas
|
|
$
|
50,000,000
|
|
5.882350000
|
%
|
PNC Bank, National
Association
|
|
$
|
35,000,000
|
|
4.117650000
|
%
|
SunTrust Bank
|
|
$
|
35,000,000
|
|
4.117650000
|
%
|
Comerica Bank
|
|
$
|
25,000,000
|
|
2.941180000
|
%
|
Compass Bank
|
|
$
|
25,000,000
|
|
2.941180000
|
%
|
AmSouth Bank
|
|
$
|
25,000,000
|
|
2.941180000
|
%
|
Bank of Oklahoma, N.A.
|
|
$
|
25,000,000
|
|
2.941180000
|
%
|
LaSalle Bank, N.A.
|
|
$
|
25,000,000
|
|
2.941180000
|
%
|
KeyBank, National
Association
|
|
$
|
20,000,000
|
|
2.352940000
|
%
|
Northern Trust Company
|
|
$
|
15,000,000
|
|
1.764710000
|
%
|
California
Bank & Trust Company
|
|
$
|
10,000,000
|
|
1.176470000
|
%
|
Total
|
|
$
|
850,000,000.00
|
|
100.000000000
|
%
|
36
EX-99.1
3
a06-14826_1ex99d1.htm
EX-99
Exhibit 99.1
![](g148261kgi001.jpg)
![](g148261kgi002.jpg)
Contacts:
|
|
Investor Relations:
|
|
Corporate Communications:
|
|
|
Brent Anderson
|
|
Jane Hays
|
|
|
Director Investor Relations
|
|
Vice President-Corp. Develop.
|
|
|
(972) 543-8207
|
|
(972) 543-8123
|
MERITAGE HOMES CORPORATION
INCREASES CREDIT FACILITY TO $850 MILLION
Scottsdale, Arizona (July 5, 2006) Meritage Homes Corporation
(NYSE: MTH) today announced that the Company has expanded its
revolving credit facility by $50 million with the addition of a new lender to
the bank group. The expansion was pursuant to an accordion feature that allows
the maximum capacity of the facility to be increased to $1.05 billion, as may
be requested by Meritage. As a result, the facilitys total committed balance
increased to $850 million, and the remaining accordion is $200 million, subject
to certain conditions.
We welcome BNP Paribas to our bank group and appreciate
their commitment to our continued operations and future growth, said Steven J.
Hilton, chairman and chief executive officer of Meritage Homes. The increase
in our credit facility, coupled with our strong balance sheet, provides us the
financial flexibility to pursue opportunities for solid shareholder returns
over the long term.
About Meritage Homes Corporation
Meritage Homes Corporation (NYSE:MTH) is a leader in the
homebuilding industry. The Company is ranked by Builder
magazine as the 13th largest homebuilder in the U.S. and has been
perennially included on Forbes Platinum
400 - Best Big Companies in America, the Fortune 1000
and Fortunes Fastest Growing Companies in
America lists, and the S&P SmallCap 600 Index. Meritage operates in
fast-growing states of the southern and western United States, including six of
the top 10 single-family housing markets in the country, and has reported 18
consecutive years of record revenue and net earnings. For more information
about the Company, visit www.meritagehomes.com. Meritage is a member of
the Public Home Builders Council of America (www.phbca.org). # # #
GRAPHIC
4
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-----END PRIVACY-ENHANCED MESSAGE-----