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Meritage Homes to offer $300M of senior unsecured notes

Meritage Homes Corp. plans to offer $300 million of senior unsecured notes due 2028.

The final terms, including interest rate and maturity date, will be decided between Meritage and the initial purchaser of the notes, according to a release.

The homebuilder plans to use the net proceeds from the offering to repay outstanding borrowings under its $250 million credit facility, including $175 million from the Feb. 26 redemption of the company's 4.50% senior notes due 2018. The remaining proceeds will be used for general corporate purposes.