Meritage Homes Prices Public Offering Of 2.20 Mln Shares At $45.75/shr

(RTTNews) - Meritage Homes Corp. (MTH), U.S. homebuilder, announced that it has priced a registered public offering of 2.20 million shares of its common stock at $45.75 per share, for net proceeds of about $95.9 million after underwriting discounts and estimated offering expenses.

The net proceeds from the offering will be about $110.3 million if the underwriters' option to purchase additional shares is exercised in full.

As part of the offering, the company granted the underwriters a 30-day option to purchase up to 330,000 additional shares. The offering is expected to close on January 15, 2014, subject to customary closing conditions.

The company noted that it plans to use the proceeds received from the offering for working capital, potential expansion into new markets and/or expansion of existing markets, including the possible acquisition of other homebuilders or assets, and general corporate purposes.