MIAMI, July 24 /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN
and LEN.B), one of the nation's largest homebuilders, announced that the
Company has entered into a new unsecured revolving credit facility that
provides the Company with $2.7 billion of financing. The credit facility
also provides the Company with access to an additional $500 million of
financing through an accordion feature, subject to additional commitments,
for a maximum aggregate availability under the facility of $3.2 billion.
The credit facility will replace the Company's existing $2.2 billion credit
facility and will mature in July 2011.
JPMorgan Chase Bank, 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, The Royal Bank of Scotland and Wachovia Bank, National
Association are Documentation Agents. A total of 46 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
and we welcome the nine new banks that have joined the group. Our strategic
growth plan begins and ends with a strong balance sheet as Lennar remains a
balance sheet-first focused company. This increase in capital provides
continued liquidity for the Company's current working capital needs and
future growth opportunities."
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" in Item 1A of our Annual Report on Form 10-K for our fiscal year
ended November 30, 2005. We do not undertake any obligation to update
forward-looking statements.
SOURCE Lennar Corporation
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Related links:
http://www.lennar.com
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NewsCom: http://www.newscom.com/cgi-bin/prnh/20040604/LENLOGO
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PRN Photo Desk, photodesk@prnewswire.com
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CONTACT:
Marshall Ames, Investor Relations, Lennar
Corporation, +1-305-485-2092
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