The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

Lennar Increases Unsecured Revolving Credit Facility Agreement To $950 Million

Wednesday, June 12, 2013

Lennar Increases Unsecured Revolving Credit Facility Agreement To $950 Million

08:30 EDT Wednesday, June 12, 2013

MIAMI, June 12, 2013 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, announced today that it increased the amount of financing available under its unsecured revolving credit facility to $950 million and extended the credit facility's maturity to June 2017. The $950 million includes approximately a $33 million accordion feature, subject to additional commitments.

Bruce Gross, Lennar's Vice President and Chief Financial Officer, said, "We are pleased with our ability to amend our credit agreement to achieve terms that provide additional liquidity and financial flexibility for the Company's current working capital needs and strategic growth plans, while reducing the Company's overall borrowing costs.  We appreciate the strong support that we received in this transaction from our lenders."

Amounts borrowed under the credit facility accrue interest at alternative rates, one of which is the Eurodollar Rate plus a margin equal to 2.5%.  The proceeds available under the credit facility may be used for working capital and general corporate purposes.  The credit agreement also provides that up to $500 million in commitments may be used for letters of credit.  The credit agreement has multiple lenders led by JPMorgan Chase Bank, N.A., as administrative agent. The other lenders are Citibank, N.A., Bank of America, N.A., Deutsche Bank Trust Company Americas, Bank of Montreal, UBS Loan Finance LLC, PNC Bank, National Association, Wells Fargo Bank, National Association, Texas Capital Bank, N.A., California Bank & Trust, Comerica Bank, Regions Bank and Capital Bank, N.A.

Amounts borrowed under the credit agreement are guaranteed by certain of the Company's subsidiaries. The credit agreement contains financial covenants, including a minimum consolidated tangible net worth, a maximum leverage ratio and liquidity requirements.

Lennar Corporation, founded in 1954, is one of the nation's leading 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 Investments segment is focused on distressed real estate asset investments, asset management and workout strategies. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website,

SOURCE Lennar Corporation

For further information: Diane Bessette, Vice President and Treasurer, Lennar Corporation, (305) 229-6419

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail App

    The New Globe and Mail App for iPhone®, iPad® and Apple Watch download

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Secure Service
Customer Service
Advertising Privacy
Globe Recognition
Mobile Apps
Other Sections