Lennar Sells $50 Million Of Senior Notes
MIAMI, April 10, 2013
MIAMI, April 10, 2013 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B)
announced that it has sold $50 million principal amount of its 4.750% Senior
Notes due 2022, at a price of 98.25%,bringing the total outstanding principal
amount of its 4.750% Senior Notes due 2022 to $575 million. The sale was to
an initial purchaser, which will 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 had previously sold $350 million principal amount of
4.750% Senior Notes due 2022 on October 23, 2012 and an additional $175
million principal amount on February 4, 2013. The $50 million principal
amount sold today is expected to be delivered and paid for on April 17, 2013.
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 4.750% 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 $50 million of
Senior Notes for working capital and general corporate purposes, which may
include the repayment or repurchase of other of its 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
Contact: Diane Bessette, Vice President and Treasurer, Lennar Corporation,
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