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Meritage Homes expands credit facility to $625M

Meritage Homes Corp. amended its existing credit facility to increase the available commitments to $625 million from $540 million.

The amended facility also refreshes the accordion feature to permit Meritage to boost the total commitments by as much as $100 million and extends the due date of a substantial portion of the facility. According to a filing, $60 million of the expanded commitment is due July 9, 2019, and $565 million is due July 9, 2021.

As of May 31, Meritage had roughly $42.1 million in outstanding letters of credit and $75 million of outstanding borrowings under the facility, with about $507.9 million available to be drawn.

JPMorgan Chase Bank NA was the administrative agent.