KB Home (NYSE: KBH), one of the nation’s premier homebuilders, today announced that it has upsized, and amended certain pricing and other terms of, its previously announced cash tender offers for its 5¾% Senior Notes due 2014 (the “2014 Notes”) and for its 5⅞% Senior Notes due 2015 and 6¼% Senior Notes due 2015 (the “2015 Notes”). Under the terms of the upsized tender offers, KB Home is offering to purchase for cash up to $100 million in aggregate principal amount (the “Maximum 2014 Amount”) of its 2014 Notes (the “2014 Note Tender Offer”) and up to $340 million, less any amount accepted in the 2014 Note Tender Offer, in aggregate principal amount (the “Maximum 2015 Amount”) of its 2015 Notes on an equal-priority basis. The applicable upsized tender offers represent an overall increase of $90 million to the aggregate size of the tender offers as previously announced. In addition, KB Home has extended the early tender premium of $30.00 per $1,000 principal amount of 2014 Notes to the applicable expiration date of 11:59 p.m., New York City time, on February 15, 2012. Including the tender premium, holders whose 2014 Notes are validly tendered and accepted for purchase on or before such expiration date will receive total consideration of $1,010 per $1,000 principal amount of the notes. The early tender premium for the 2015 Notes was not extended. The minimum size of the previously announced financing condition has been increased such that the tender offers are conditioned on KB Home’s completion of the proposed offer and sale of not less than $350 million in aggregate principal amount of unsecured debt securities on terms reasonably satisfactory to the Company. All other terms of the tender offers previously announced are unchanged. In particular, the applicable Expiration Dates and Acceptance Priority Levels (as defined in the Offer to Purchase dated January 19, 2012 and the related Letter of Transmittal) are unchanged.