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Lennar To Tender For Senior Notes

Stocks in this article: LEN LEN.B

MIAMI, July 17, 2012 /PRNewswire/ --  Lennar Corporation (NYSE: LEN and LEN.B) one of the nation's largest homebuilders, announced that it is commencing a tender offer for any and all of its outstanding 5.95% senior notes due 2013, of which $267,722,000 principal amount are currently outstanding. The price offered for 2013 Notes will be 103% of their principal amount, which includes a payment for early tenders.  The tender offer will be conditioned upon, among other things, completion of a $300 million private offering of senior notes that is expected to close by July 23, 2012; however, Lennar has the right to waive that condition. The terms and conditions of the tender offer are described in an Offer to Purchase and accompanying Letter of Transmittal that are being distributed to the holders of the notes.

The tender offer will expire at 8:00 a.m., New York City time, on August 14, 2012, unless it is extended or it is terminated before then.  Notes that are validly tendered before 5:00 p.m., New York City time, on July 30, 2012 and not withdrawn will receive a tender consideration that includes an early tender payment.  The tender consideration for notes that are tendered after that date and prior to expiration of the offer will not include the early tender payments. If Lennar accepts any tendered notes, it will accept and pay for notes that are validly tendered and not withdrawn at or before 5:00 p.m. on July 30, 2012 shortly after that time, and it will accept and pay for notes that are tendered between that time and the time when the offer expires shortly after the offer expires. Notes that are tendered in response to the tender offer may be withdrawn at any time before 5:00 p.m., New York City time, on July 30, 2012, but may not be withdrawn after that time.

The dealer managers for the tender offer will be Deutsche Bank Securities Inc. (which can be reached at (212) 250-7527 or (855) 287-1922 (toll free)) and Citigroup (which can be reached at (212) 723-6106 or (800) 558-3745 (toll free)).  Global Bondholder Services Corporation will serve as the depositary and information agent. Requests for copies of the Offer to Purchase or Letter of Transmittal should be directed to Global Bondholder Services Corporation at (212) 430-3774 (banks and brokers) or (866) 294-2200 (toll-free).

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