Meritage Homes prices $500M 1.75% convertible notes due 2028, redeems 6% senior notes due 2025

Meritage Homes CORP

$500M aggregate principal of 1.75% Convertible Senior Notes due 2028 priced on May 6, 2024.
Underwriters granted a 13-day option to purchase up to $75M additional notes.
Net proceeds ~$484.8M (or ~$557.8M with greenshoe) to redeem 6% Senior Notes due 2025, general corporate purposes.
Initial conversion rate 4.3048 shares/$1,000 ($232.30 per share, 32.5% premium over $175.32 stock price).
Capped call transactions entered with cap price $350.64 per share to offset dilution upon conversion.

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