Meritage Homes Corp. (NYSE:MTH), Scottsdale, on Thursday announced it had closed a private placement of $200 million aggregate principal amount of senior unsecured notes due April 15, 2020.

The 7.15% notes are due April 15, 2020, and resulted in approximately $192 million in net proceeds to the company.

Meritage plans to use the funds to repurchase or redeem all $130 million aggregate principal amount of its 7.00% Senior Notes due 2014, and to repurchase a portion of its 6.25% Senior Notes due 2015.