Lennar Prices $450 Million of Senior Notes

                  Lennar Prices $450 Million of Senior Notes

PR Newswire

MIAMI, Jan. 30, 2013

MIAMI, Jan. 30, 2013 /PRNewswire/ --Lennar Corporation (NYSE: LEN and LEN.B)
announced that it has agreed to sell $275 million principal amount of its
4.125% Senior Notes due 2018, at a price of 99.998%,and $175 million
principal amount of its 4.750% Senior Notes due 2022, at a price of
98.073%,bringing the total outstanding principal amount of its 4.750% Senior
Notes due 2022 to $525 million, to initial purchasers, whowill resellthe
Senior Notes to qualified institutional buyers in transactions that are exempt
from the registration requirements of the Securities Act of 1933, as amended,
under SEC Rule 144A or to non-U.S. persons in offshore transactions as that
term is defined in SEC Regulation S. Lennar completed the sale of the initial
$350 million principal amount of 4.750% Senior Notes due 2022 on October 23,
2012. The 4.125% Senior Notes due 2018 and the 4.750% Senior Notes due 2022
are expected to be delivered and paid for on February 4, 2013.

The 4.125% Senior Notes due 2018 will mature on December 1, 2018 and the
4.750% Senior Notes due 2022 will mature November 15, 2022, unless they are
redeemed or repurchased before that date.

Lennar will have the right to redeem the 4.125% Senior Notes due 2018 at any
time. If the 4.125% Senior Notes due 2018 are redeemed more than 60 days prior
to their scheduled maturity date, the redemption price will be the greater of
100% of their principal amount or the present value of the remaining payments
of principal and interest, discounted at the applicable Treasury Rate plus 50
basis points (0.50%). If the 4.125% Senior Notes due 2018 are redeemed within
60 days before their scheduled maturity, the redemption price will be 100% of
their principal amount. In either case the redemption payment will also
include accrued but unpaid interest.

Lennar will have the right to redeem the 4.750% Senior Notes due 2022 at any
time. If the 4.750% Senior Notes due 2022 are redeemed more than 90 days prior
to their scheduled maturity date, the redemption price will be the greater of
100% of their principal amount or the present value of the remaining payments
of principal and interest, discounted at the applicable Treasury Rate plus 50
basis points (0.50%). If the 4.750% Senior Notes due 2022 are redeemed within
90 days before their scheduled maturity, the redemption price will be 100% of
their principal amount. In either case the redemption payment will also
include accrued but unpaid interest.

Lennar plans to use the net proceeds from the sale of the Senior Notes for
working capital and general corporate purposes, which may include the
repayment or repurchase of its other outstanding senior notes.

Neither the Senior Notes nor any guarantees of the Senior Notes have been
registered under the Securities Act of 1933, as amended. The Senior Notes may
not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of that Act.

This press release does not constitute an offer to sell or a solicitation of
an offer to buy the Senior Notes in any jurisdiction in which such an offer or
sale would be unlawful. It is issued pursuant to Rule 135c under the
Securities Act of 1933, as amended.

SOURCE Lennar Corporation

Website: http://www.lennar.com
Contact: Diane Bessette, Vice President and Treasurer Lennar Corporation,
+1-305-229-6419
 
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