Meritage Homes Corp. will redeem for cash its outstanding 1.875% convertible senior notes due 2032 on Sept. 20 at 100% of the principal amount, plus applicable interest.

The outstanding principal amount of the convertible notes as of June 30 stood at $74.6 million.

The conversion rate for the 2032 notes is 17.1985 shares of the company's common stock per $1,000 principal amount of the notes, an initial conversion price of $58.14 per share.