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
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