MIAMI, April 21, 2015 /PRNewswire/ -- Lennar Corporation
(NYSE: LEN and LEN.B) announced today that it has priced an
underwritten public offering of $500
million of 4.750% Senior Notes due 2025 (the "Notes"). The
sale of the Notes is expected to close on April 28, 2015, subject to customary closing
conditions. The Company plans to use the net proceeds from the
offering, which are estimated to be approximately $496 million, together with cash on hand, to
retire or redeem its 5.60% senior notes due 2015. The Company may
use some of the proceeds from the offering for general corporate
purposes.
The Notes will have an interest rate of 4.750% per annum and
will pay interest semi-annually on May
30 and November 30, commencing
November 30, 2015.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc.,
J.P. Morgan Securities LLC, BofA Merrill Lynch, Mizuho Securities
USA Inc., RBC Capital Markets, LLC
and Wells Fargo Securities, LLC are acting as Joint Book-Running
Managers in the offering. Fifth Third Securities, Inc. and PNC
Capital Markets LLC are acting as Co-Managers in the offering.
The Company has an effective registration statement, including a
prospectus and a preliminary prospectus supplement for the
offering, on file with the Securities and Exchange Commission (the
"SEC"). Before you invest, you should read the prospectus in that
registration statement, including the preliminary prospectus
supplement for the offering, and other documents that the Company
has filed and will file with the SEC for more complete information
about the Company and the offering. You may obtain a copy of the
preliminary prospectus supplement, the accompanying prospectus and
the final prospectus supplement, when available, without charge by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
copies of any of those documents may be obtained from Citigroup
Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717,
Telephone: (800) 831-9146.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Lennar
Lennar Corporation, founded in 1954, is one of the nation's
largest builders of quality homes for all generations. The Company
builds affordable, move-up and retirement homes primarily under the
Lennar brand name. Lennar's Financial Services segment provides
mortgage financing, title insurance and closing services for both
buyers of the Company's homes and others. Lennar's Rialto segment
is a vertically integrated asset management platform focused on
investing throughout the commercial real estate capital structure.
Lennar's Multifamily segment is a nationwide developer of
high-quality multifamily rental properties.
Note Regarding Forward-Looking Statements
Some of the statements in this press release, and in the
prospectus and the prospectus supplement referred to in it, are
"forward-looking statements," as that term is defined in the
Private Securities Litigation Reform Act of 1995, including
statements regarding the expected closing of the offering of the
Notes and the intended use of proceeds. These forward-looking
statements are subject to risks, uncertainties and assumptions.
Accordingly, these forward-looking statements should be evaluated
with consideration given to the many risks and uncertainties that
could cause actual results and events to differ materially from
those in the forward-looking statements, including the risk that
the offering of the Notes cannot be successfully completed and
including those detailed in the Company's filings with the SEC,
including the "Risk Factors" section of the Company's Annual Report
on Form 10-K for the fiscal year ended November 30, 2014, and the prospectus and
prospectus supplement delivered in connection with the offering. It
is not possible for management to predict all such risk factors or
to assess the impact of such risks on our business. Accordingly, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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SOURCE Lennar Corporation