Meritage Homes (NYSE: MTH) expands $980M credit facility and extends 2031 maturity
Rhea-AI Filing Summary
Meritage Homes Corporation entered into a Twelfth Amendment to its Amended and Restated Credit Agreement, increasing the revolving credit facility size to $980.0 million. The amendment also adjusts key terms of this corporate borrowing arrangement.
The accordion feature was modified to allow the facility size to be raised to $1.470 billion, subject to certain conditions. The maturity date was extended from July 9, 2030 to June 24, 2031, and the reference adjusted SOFR rate was revised.
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Insights
Meritage Homes expands and extends its revolving credit facility on revised terms.
The amendment raises the committed facility to $980.0 million and allows an increase up to $1.470 billion through an accordion feature, subject to conditions. It also pushes the maturity from July 9, 2030 to June 24, 2031 and updates the adjusted SOFR benchmark.
These changes relate to the company’s revolving credit agreement and fall under a material definitive agreement and direct financial obligation. Actual effects will depend on future borrowing levels and interest-rate movements under the revised adjusted SOFR terms.
8-K Event Classification
3 items: 1.01, 2.03, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revolving credit facility size: $980.0 million
Accordion maximum facility size: $1.470 billion
Original maturity date: July 9, 2030
+3 more
6 metrics
Revolving credit facility size
$980.0 million
Facility size after Twelfth Amendment
Accordion maximum facility size
$1.470 billion
Maximum facility size permitted under accordion feature, subject to conditions
Original maturity date
July 9, 2030
Maturity date before Twelfth Amendment
New maturity date
June 24, 2031
Extended maturity under Twelfth Amendment
Adjusted SOFR rate
Revised
Benchmark rate for interest under amended credit facility
Exhibit 10.1
Twelfth Amendment
Twelfth Amendment to Amended and Restated Credit Agreement
Key Terms
Twelfth Amendment, Amended and Restated Credit Agreement, accordion feature, adjusted SOFR rate, +2 more
6 terms
Twelfth Amendment financial
"entered into the Twelfth Amendment to Amended and Restated Credit Agreement"
Amended and Restated Credit Agreement financial
"amends that certain Amended and Restated Credit Agreement, dated as of June 13, 2014"
An amended and restated credit agreement is a company’s original loan contract that has been updated and replaced by a single new document incorporating all changes. Think of it like refinancing and rewriting a mortgage so new payment schedules, interest rates, borrowing limits, or borrower obligations are combined into one clear contract. Investors care because those new terms change a company’s cash flow, borrowing flexibility and default risk, which can affect creditworthiness and share value.
accordion feature financial
"amends the accordion feature to permit the facility size to be increased to $1.470 billion"
An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.
adjusted SOFR rate financial
"extends the maturity date ... and revises the adjusted SOFR rate"
material definitive agreement regulatory
"ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT"
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
direct financial obligation regulatory
"ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION"
FAQ
What change did Meritage Homes (MTH) make to its credit facility?
Meritage Homes amended its Amended and Restated Credit Agreement, increasing the facility size to $980.0 million. The Twelfth Amendment also updates the accordion capacity, extends the maturity date, and revises the adjusted SOFR rate used to calculate interest.
How large is Meritage Homes’ amended revolving credit facility?
The amended revolving credit facility is now sized at $980.0 million. This amount reflects the committed capacity under the Twelfth Amendment to the Amended and Restated Credit Agreement that Meritage Homes entered into on June 24, 2026.
What is the new maximum size under Meritage Homes’ accordion feature?
The accordion feature now permits the facility size to be increased to $1.470 billion, subject to certain conditions. This gives Meritage Homes the option, but not the obligation, to expand its borrowing capacity under the credit agreement if requirements are met.
How did the credit agreement maturity date change for Meritage Homes (MTH)?
The amendment extends the credit agreement’s maturity date from July 9, 2030 to June 24, 2031. This lengthens the time period during which Meritage Homes can access the revolving credit facility under the amended terms.
What interest benchmark was revised in Meritage Homes’ Twelfth Amendment?
The Twelfth Amendment revises the adjusted SOFR rate used in the credit agreement. Adjusted SOFR is a benchmark rate that helps determine interest costs on borrowings under the facility, so revising it updates how future interest charges are calculated.
Which SEC items does Meritage Homes’ 8-K about the credit amendment cover?
The 8-K cites Item 1.01, entry into a material definitive agreement, and Item 2.03, creation of a direct financial obligation. Information in Item 1.01 is incorporated by reference into Item 2.03 for this filing.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 24, 2026
_______________________
(Exact Name of Registrant as Specified in its Charter)
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| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities and Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||||||||||||||||
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On June 24, 2026, Meritage Homes Corporation (the “Company”) entered into the Twelfth Amendment to Amended and Restated Credit Agreement (the “Twelfth Amendment”), which amends that certain Amended and Restated Credit Agreement, dated as of June 13, 2014 (as amended, the “Credit Agreement”). Among other things, the Twelfth Amendment increases the facility size to $980.0 million, amends the accordion feature to permit the facility size to be increased to $1.470 billion, subject to certain conditions, extends the maturity date from July 9, 2030 to June 24, 2031, and revises the adjusted SOFR rate.
The foregoing description is qualified in its entirety by reference to the Twelfth Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
The information set forth above in Item 1.01 is incorporated by reference herein.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
| Exhibit Number | Description | ||||
| 10.1 | Twelfth Amendment to Amended and Restated Credit Agreement | ||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: June 29, 2026
| MERITAGE HOMES CORPORATION | |||||
| /s/ | Hilla Sferruzza | ||||
| By: | Hilla Sferruzza | ||||
| Executive Vice President and Chief Financial Officer | |||||