UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) November 21, 2013
MERITAGE HOMES CORPORATION
(Exact name of registrant as specified in its charter)
Maryland | 1-9977 | 86-0611231 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
17851 N. 85th Street, Suite 300, Scottsdale, Arizona 85255
(Address of principal executive offices, including zip code)
(480) 515-8100
(Registrants telephone number, including area code)
Not applicable
(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):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 8.01 | OTHER EVENTS |
On November 21, 2013, we announced in a press release our intention to offer, subject to market and other conditions, $100 million aggregate principal amount of senior notes due 2020 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Private Note Offering). A copy of this press release is attached as Exhibit 99.1.
On November 21, 2013, we also announced in a press release the pricing of the Private Note Offering. The offering is expected to close on November 26, 2013, subject to customary closing conditions. A copy of this press release is attached as Exhibit 99.2.
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(d) | Exhibits |
99.1 | Press Release dated November 21, 2013, announcing private offering of senior notes due 2020 | |
99.2 | Press Release dated November 21, 2013, announcing the pricing of a private offering of senior notes due 2020 |
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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: November 21, 2013
MERITAGE HOMES CORPORATION | ||
/s/ Larry W. Seay | ||
By: | Larry W. Seay | |
Executive Vice President and Chief Financial Officer |
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Exhibit 99.1
FOR IMMEDIATE RELEASE | ||||
Contacts: | Brent Anderson | |||
(972) 580-6360 (office) | ||||
Brent.Anderson@meritagehomes.com |
Meritage Homes Announces Offering of Additional $100 Million of 7.15%
Senior Unsecured Notes Due 2020
SCOTTSDALE, Ariz., Nov. 21, 2013 Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, today announced its intention to offer, subject to market and other conditions, an additional $100 million aggregate principal amount of its 7.15% senior unsecured notes due April 15, 2020 (the new notes) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act) and outside the United States to persons other than U.S. persons in reliance upon Regulation S under the Securities Act.
Meritage previously issued $200 million aggregate principal amount of its 7.15% Senior Notes due 2020 on April 13, 2010 (the outstanding notes). The new notes being offered are part of the same series of debt securities under the indenture governing the outstanding notes.
Meritage intends to use the net proceeds for general corporate purposes, including the acquisition and development of land and home construction.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The securities will not be registered under the Securities Act of 1933, as amended, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.
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: Meritages intentions to offer $100 million of senior unsecured notes and its intended use of the net proceeds from the offering. Such statements are based upon the current beliefs and expectations of Company management and current market conditions, which are subject to significant risks and uncertainties as set forth in Meritage Homes Corporation Form 10-K for the year ended December 31, 2012 and subsequent reports on Forms 10-Q under the caption Risk Factors.
The risks and uncertainties include but are not limited to the following: weakness in the homebuilding market resulting from an unexpected setback in the current economic recovery; the availability of finished lots and undeveloped land; interest rates and changes in the availability and pricing of residential mortgages; the availability and cost of materials and labor; adverse changes in tax laws that benefit our homebuyers; the ability of our potential buyers to sell their existing homes; cancellation rates and home prices in our markets; inflation in the cost of materials used to construct homes; the adverse effect of slower order absorption rates; potential write-downs or write-offs of assets, including pre-acquisition costs and deposits; our potential exposure to natural disasters; competition; the adverse impacts of cancellations resulting from small deposits relating to our sales contracts; construction defect and home warranty claims; our success in prevailing on contested tax positions; our ability to preserve our deferred tax assets and use them within the statutory time limits; delays and risks associated with land development; our ability to obtain performance bonds in connection with our development work; the liquidity of our joint ventures and the ability of our joint venture partners to meet their obligations to us and the joint venture; the loss of key personnel; changes in, or our failure to comply with, laws and regulations; our lack of geographic diversification; fluctuations in quarterly operating results; our financial leverage and level of indebtedness; our ability to take certain actions because of restrictions contained in the indentures for our senior notes, and our ability to raise additional capital when and if needed; our credit ratings; successful integration of future acquisitions; government regulations and legislative or other initiatives that seek to restrain growth or new housing construction or similar measures; acts of war; the replication of our Green technologies by our competitors; our exposure to information technology failures and security breaches; 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, 2012 under the caption Risk Factors, which can be found on our website.
As a result of these and other factors, actual results may differ from those set forth in the forward-looking statements and the Companys stock and note prices may fluctuate significantly. 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.
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Exhibit 99.2
FOR IMMEDIATE RELEASE | ||||
Contacts: | Brent Anderson | |||
(972) 580-6360 (office) | ||||
Brent.Anderson@meritagehomes.com |
Meritage Homes Announces Pricing of Additional $100 Million of 7.15%
Senior Unsecured Notes Due 2020
SCOTTSDALE, Ariz., Nov. 21, 2013 Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, today announced the pricing of an additional $100 million aggregate principal amount of its 7.15% senior unsecured notes due April 15, 2020 (the new notes). The new notes were sold at $106.699 per $100 value to yield 5.875%. The new notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act) and outside the United States to persons other than U.S. persons in reliance upon Regulation S under the Securities Act. The expected closing date for the private placement of these notes is November 26, 2013.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The securities will not be registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.
ABOUT MERITAGE HOMES CORPORATION
Meritage Homes is the ninth-largest public homebuilder in the United States, based on 4,238 homes closed in 2012. Meritage builds and sells single-family homes for first-time, move-up, luxury and active adult buyers across the Western, Southern and Southeastern United States. As of September 30, 2013, the company had 179 actively selling communities in markets including Sacramento, San Franciscos East Bay, the Central Valley and Southern California; Houston, Dallas-Ft. Worth, Austin and San Antonio, Texas; Phoenix/Scottsdale and Tucson, Arizona; Denver, Colorado; Orlando and Tampa, Florida; Raleigh and Charlotte, North Carolina and Nashville, Tennessee.
Meritage has designed and built more than 75,000 homes in its 27-year history, and has a reputation for its distinctive style, quality construction, and positive customer experience. Meritage is the industry leader in energy efficient homebuilding and in 2013, Meritage received the U.S. Environmental Protection Agencys ENERGY STAR Partner of the Year for Sustained Excellence Award, for its innovation and industry leadership in energy efficient homebuilding. Meritage was the first national homebuilder to be 100 percent ENERGY STAR® qualified in every home it builds, and far exceeds ENERGY STAR standards today.
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