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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported)
November&nbsp;26, 2013 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>MERITAGE HOMES CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>1-9977</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>86-0611231</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission File</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>17851 N. 85<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Street, Suite 300, Scottsdale, Arizona</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>85255</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(480) 515-8100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 (<I>see </I>General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left">ITEM&nbsp;1.01</TD>
<TD ALIGN="left" VALIGN="top">ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Completion of Offering of 7.15% Senior Notes due 2020 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;26, 2013, Meritage Homes Corporation, a Maryland corporation (the &#147;Company&#148;), completed an offering of $100,000,000
aggregate principal amount of 7.15% Senior Notes due 2020 (the &#147;2020 Notes&#148;) that are guaranteed (the &#147;Guarantees,&#148; and collectively with the 2020 Notes, the &#147;Securities&#148;) by certain of the Company&#146;s subsidiaries
(the &#147;Guarantors&#148;).&nbsp;The Securities were offered to investors in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;).&nbsp;The Securities have not
been registered under the Securities Act or any state securities laws and may not be sold except in a transaction registered under, or exempt from, the registration provisions of the Securities Act and applicable state securities laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The 2020 Notes will be treated as a single class under the Indenture with the Company&#146;s previously issued and currently outstanding
$200,000,000 aggregate principal amount of 7.15% Senior Notes due 2020. Because the 2020 Notes issued on November&nbsp;26, 2013 (as described above) will be subject to transfer restrictions upon issuance, the new notes will be identified by
different CUSIP numbers than those for the outstanding 7.15% Senior Notes due 2020 and will trade separately from the outstanding notes until the new notes are exchanged for new exchange notes registered under the Securities Act.&nbsp;A description
of the registration rights agreement pursuant to which the Company agreed to register the 2020 Notes is included below in this Form 8-K.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Securities were issued pursuant to an Indenture dated April&nbsp;13, 2010, among the Company, the Guarantors and Wells Fargo Bank,
National Association, as trustee (the &#147;Indenture&#148;).&nbsp;The material terms of the 2020 Notes and the Indenture are described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The 2020 Notes are the general unsecured obligations of the Company. The 2020 Notes will rank senior in right to all future obligations of the
Company that are, by their terms, expressly subordinated in right of payment to the 2020 Notes and pari passu in right of payment with all existing and future unsecured obligations of the Company that are not so subordinated. The 2020 Notes bear
interest at 7.15%&nbsp;per annum, payable on April&nbsp;15 and October&nbsp;15 of each year, commencing on April&nbsp;15, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company may redeem any or all of the 2020 Notes at any time at a redemption price equal to the greater of (i)&nbsp;100% of the principal amount of the notes being redeemed, or (ii)&nbsp;the sum of the present values of the remaining scheduled
payments on the 2020 Notes being redeemed, discounted to the date of redemption (on a semiannual basis) at a discount rate equal to the rate payable with respect to comparable treasury securities plus 0.50%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms of the 2020 Indenture, among other things, generally limit, subject to exceptions, the ability of the Company and certain of its
subsidiaries to (i)&nbsp;incur secured indebtedness and (ii)&nbsp;enter into certain sale and leaseback transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture
provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the Indenture; defaults under
certain other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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indebtedness; and certain events of bankruptcy or insolvency.&nbsp;Generally, if an event of default occurs and is continuing under the Indenture, the Trustee or the holders of at least 25% in
aggregate principal amount of the 2020 Notes then outstanding may declare the principal of, premium, of any, and accrued interest on all the 2020 Notes immediately due and payable. In addition, in the event there is both (i)&nbsp;a change in control
and (ii)&nbsp;a ratings decline by either Standard&nbsp;&amp; Poor&#146;s Ratings Services or Moody&#146;s Investors Service, Inc., the Company will be required to commence and consummate an offer to purchase all Notes then outstanding at a price
equal to 101% of their principal amount, plus accrued interest (if any) to the date of repurchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the 2020
Notes and the Indenture is only a summary and is qualified in its entirety by reference to the full text of the Indenture, including the form of note, which is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference
herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the sale of the 2020 Notes, the Company and the Guarantors entered into a Registration Rights Agreement dated
as of November&nbsp;26, 2013 (the &#147;Registration Rights Agreement&#148;), with the initial purchasers of the 2020 Notes. Pursuant to the Registration Rights Agreement, the Company will use its reasonable best efforts to register with the
Securities and Exchange Commission exchange notes (&#147;Exchange Notes&#148;), which will have substantially identical terms as the 2020 Notes (except that the Exchange Notes will not contain terms with respect to transfer restrictions), so the
Company can offer to exchange freely tradable Exchange Notes for the 2020 Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Registration Rights
Agreement is only a summary and is qualified in its entirety by reference to the full text of the Registration Rights Agreement, which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated by reference herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;26, 2013, the Company issued a press release announcing the closing of the offering of Notes described above. A copy of this
press release is attached as Exhibit 99.1. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left">ITEM&nbsp;2.03</TD>
<TD ALIGN="left" VALIGN="top">CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information contained in Item&nbsp;1.01 of this Current Report on Form 8-K is incorporated by reference herein. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left">ITEM&nbsp;9.01</TD>
<TD ALIGN="left" VALIGN="top">FINANCIAL STATEMENTS AND EXHIBITS </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Indenture for 7.15% Senior Notes due 2020, and Form of Note (incorporated by reference to Exhibit 4.1 to the Company&#146;s Form 8-K filed on April&nbsp;14, 2010)</TD></TR>
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Registration Rights Agreement relating to 7.15% Senior Notes due 2020</P></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Press Release dated November&nbsp;26, 2013, announcing the closing of the private offering of $100 million of 7.15% Senior Notes due 2020</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: November&nbsp;26, 2013 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">MERITAGE HOMES CORPORATION</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ LARRY W. SEAY</P></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Larry W. Seay</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Executive Vice President and Chief Financial&nbsp;Officer</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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{"company-data": {"conformed-name": "Meritage Homes CORP", "cik": "0000833079", "assigned-sic": "1531", "irs-number": "860611231", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09977", "film-number": "131243508"}, "business-address": {"street1": "17851 NORTH 85TH STREET", "street2": "SUITE 300", "city": "SCOTTSDALE", "state": "AZ", "zip": "85255", "phone": "480-515-8100"}, "mail-address": {"street1": "17851 NORTH 85TH STREET", "street2": "SUITE 300", "city": "SCOTTSDALE", "state": "AZ", "zip": "85255"}, "former-company": [{"former-conformed-name": "MERITAGE CORP", "date-changed": "19981009"}, {"former-conformed-name": "MONTEREY HOMES CORP", "date-changed": "19970113"}, {"former-conformed-name": "HOMEPLEX MORTGAGE INVESTMENTS CORP", "date-changed": "19920703"}]}
Form 8-K
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)
November 26, 2013
MERITAGE HOMES CORPORATION
(Exact Name of Registrant as Specified in Charter)
Maryland
1-9977
86-0611231
(State or Other Jurisdiction
of Incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
17851 N. 85
th
Street, Suite 300, Scottsdale, Arizona
85255
(Address of Principal Executive Offices)
(Zip Code)
(480) 515-8100
(Registrant's 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):
¨
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 1.01
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Completion of Offering of 7.15% Senior Notes due 2020
On November 26, 2013, Meritage Homes Corporation, a Maryland corporation (the "Company"), completed an offering of $100,000,000
aggregate principal amount of 7.15% Senior Notes due 2020 (the "2020 Notes") that are guaranteed (the "Guarantees," and collectively with the 2020 Notes, the "Securities") by certain of the Company's subsidiaries
(the "Guarantors"). The Securities were offered to investors in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). The Securities have not
been registered under the Securities Act or any state securities laws and may not be sold except in a transaction registered under, or exempt from, the registration provisions of the Securities Act and applicable state securities laws.
The 2020 Notes will be treated as a single class under the Indenture with the Company's previously issued and currently outstanding
$200,000,000 aggregate principal amount of 7.15% Senior Notes due 2020. Because the 2020 Notes issued on November 26, 2013 (as described above) will be subject to transfer restrictions upon issuance, the new notes will be identified by
different CUSIP numbers than those for the outstanding 7.15% Senior Notes due 2020 and will trade separately from the outstanding notes until the new notes are exchanged for new exchange notes registered under the Securities Act. A description
of the registration rights agreement pursuant to which the Company agreed to register the 2020 Notes is included below in this Form 8-K.
The Securities were issued pursuant to an Indenture dated April 13, 2010, among the Company, the Guarantors and Wells Fargo Bank,
National Association, as trustee (the "Indenture"). The material terms of the 2020 Notes and the Indenture are described below.
The 2020 Notes are the general unsecured obligations of the Company. The 2020 Notes will rank senior in right to all future obligations of the
Company that are, by their terms, expressly subordinated in right of payment to the 2020 Notes and pari passu in right of payment with all existing and future unsecured obligations of the Company that are not so subordinated. The 2020 Notes bear
interest at 7.15% per annum, payable on April 15 and October 15 of each year, commencing on April 15, 2014.
The
Company may redeem any or all of the 2020 Notes at any time at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed, or (ii) the sum of the present values of the remaining scheduled
payments on the 2020 Notes being redeemed, discounted to the date of redemption (on a semiannual basis) at a discount rate equal to the rate payable with respect to comparable treasury securities plus 0.50%.
The terms of the 2020 Indenture, among other things, generally limit, subject to exceptions, the ability of the Company and certain of its
subsidiaries to (i) incur secured indebtedness and (ii) enter into certain sale and leaseback transactions.
The Indenture
provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the Indenture; defaults under
certain other
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indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the Indenture, the Trustee or the holders of at least 25% in
aggregate principal amount of the 2020 Notes then outstanding may declare the principal of, premium, of any, and accrued interest on all the 2020 Notes immediately due and payable. In addition, in the event there is both (i) a change in control
and (ii) a ratings decline by either Standard & Poor's Ratings Services or Moody's Investors Service, Inc., the Company will be required to commence and consummate an offer to purchase all Notes then outstanding at a price
equal to 101% of their principal amount, plus accrued interest (if any) to the date of repurchase.
The foregoing description of the 2020
Notes and the Indenture is only a summary and is qualified in its entirety by reference to the full text of the Indenture, including the form of note, which is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference
herein.
In connection with the sale of the 2020 Notes, the Company and the Guarantors entered into a Registration Rights Agreement dated
as of November 26, 2013 (the "Registration Rights Agreement"), with the initial purchasers of the 2020 Notes. Pursuant to the Registration Rights Agreement, the Company will use its reasonable best efforts to register with the
Securities and Exchange Commission exchange notes ("Exchange Notes"), which will have substantially identical terms as the 2020 Notes (except that the Exchange Notes will not contain terms with respect to transfer restrictions), so the
Company can offer to exchange freely tradable Exchange Notes for the 2020 Notes.
The foregoing description of the Registration Rights
Agreement is only a summary and is qualified in its entirety by reference to the full text of the Registration Rights Agreement, which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated by reference herein.
On November 26, 2013, the Company issued a press release announcing the closing of the offering of Notes described above. A copy of this
press release is attached as Exhibit 99.1.
ITEM 2.03
CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
(d)
Exhibits
4.1
Indenture for 7.15% Senior Notes due 2020, and Form of Note (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on April 14, 2010)
10.1
Registration Rights Agreement relating to 7.15% Senior Notes due 2020
99.1
Press Release dated November 26, 2013, announcing the closing of the private offering of $100 million of 7.15% 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 26, 2013
MERITAGE HOMES CORPORATION
/s/ LARRY W. SEAY
By:
Larry W. Seay
Executive Vice President and Chief Financial Officer
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