July 21, 2008 / 2:38 PM / 9 years ago

Meritage shares rise after revised credit accord

BOSTON (Reuters) - Shares of home builder Meritage Homes Corp (MTH.N) rose 9 percent on Monday after the company said it had reached an agreement to revise the terms of a credit line.

Guaranty Bank has agreed to reduce the borrowing capacity on its credit line to $500 million from $800 million and increased its interest rate by 1 percentage point, Meritage said in a filing with the U.S. Securities and Exchange Commission dated July 18.

Meritage shares were up $1.42 at $17.43 on the New York Stock Exchange. Earlier, they had been as high as $18.60, the highest since early June.

Reporting by Scott Malone, editing by Maureen Bavdek

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