|By PR Newswire||
|February 5, 2014 04:48 PM EST||
MIAMI, Feb. 5, 2014 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B) announced today that it has priced an underwritten public offering of $400 million of 4.50% Senior Notes due June 2019 (the "Notes"). The Company plans to use the net proceeds from the offering for working capital and for general corporate purposes. The offering of the Notes is expected to close on February 12, 2014, subject to customary closing conditions.
The Notes will have an interest rate of 4.50% and will pay interest semi-annually on June 15 and December 15 commencing June 15, 2014.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, BMO Capital Markets Corp. and UBS Securities LLC are acting as Joint Book-Running Managers in the offering. PNC Capital Markets LLC and Comerica Securities, Inc. are acting as Co-Managers in the offering.
The offering is being made pursuant to a prospectus supplement and an accompanying prospectus filed as part of an automatic shelf registration statement filed by the Company on Form S-3 with the Securities and Exchange Commission ("SEC"). You may obtain a copy of the preliminary prospectus supplement, the accompanying prospectus and the final prospectus supplement, when available, for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you any of those documents upon request by contacting Citigroup Global Markets Inc., Telephone 1-800-831-9146.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Lennar Corporation, founded in 1954, is one of the nation's largest builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto Investments segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar's Multifamily segment is a national developer of high-quality multifamily rental properties. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, www.lennar.com.
Note Regarding Forward-Looking Statements
Some of the statements in this press release, and in the prospectus and the prospectus supplement referred to in it, are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the expected closing of the offering of the Notes and the intended use of proceeds. These forward-looking statements are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements, including the risk that the offering of the Notes cannot be successfully completed and including those detailed in the Company's filings with the SEC, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2013, and the prospectus and prospectus supplement delivered in connection with the offering. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
SOURCE Lennar Corporation
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