MIAMI, Jan. 23 /PRNewswire-FirstCall/ -- Lennar Corporation
(NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced
that the Company has increased its senior unsecured revolving credit facility
to $2.2 billion through the exercise of the remaining $460 million under the
accordion feature of the existing facility. The revolving credit facility,
including the $1 billion letter of credit sub-facility, will mature in June
2010.
JP Morgan Chase, N.A. is the Joint Lead Arranger and Administrative Agent,
Deutsche Bank Trust Company Americas is the Joint Lead Arranger and
Syndication Agent and Bank of America, N.A., Barclays Bank PLC, Calyon New
York Branch, Citicorp North America, Inc., The Royal Bank of Scotland,
SunTrust Bank and Wachovia Bank are Documentation Agents. A total of 40
lenders participate in the facility.
Bruce Gross, Lennar's Vice President and Chief Financial Officer, said,
"We appreciate the continued commitment from our long-term banking partners.
The facility's increased size further enhances our strong balance sheet and
supports continued growth."
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 and U.S. Home brand
names. Lennar's Financial Services Division provides primarily mortgage
financing, title insurance and closing services for both buyers of the
Company's homes and others. Previous press releases and further information
about the Company may be obtained at the "Investor Relations" section of the
Company's website, http://www.lennar.com.
Some of the statements in this press release are "forward-looking
statements," as that term is defined in the Private Securities Litigation
Reform Act of 1995. You can identify forward-looking statements by the fact
that these statements do not relate strictly to historical or current matters.
Rather, forward-looking statements relate to anticipated or expected events,
activities, trends or results. Because forward-looking statements relate to
matters that have not yet occurred, these statements are inherently subject to
risks and uncertainties. Many factors could cause our actual activities or
results to differ materially from the activities and results anticipated in
forward-looking statements. These factors include those described under the
caption "Risk Factors Relating to Our Business" included in our Annual Report
on Form 10-K, as amended on Form 10-K/A, for our fiscal year ended November
30, 2004, and in our other filings with the Securities and Exchange
Commission. We do not undertake any obligation to update forward-looking
statements.
SOURCE Lennar Corporation
 back to top
Related links:
http://www.lennar.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20040604/LENLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/507038.html
CONTACT:
Marshall Ames, Investor Relations of Lennar
Corporation, +1-305-485-2092
|
