MIAMI, May 11 /PRNewswire-FirstCall/ -- Lennar Corporation announced that it has amended its offer to purchase three issues of its outstanding senior notes to increase the total principal amount of senior notes it will purchase to $288,365,000.
On April 27, 2010, Lennar commenced an offer to purchase up to a total of $200,000,000 principal amount of its 5.95% Senior Notes due 2011 (the "2011 Notes"), 5.95% Senior Notes due 2013 (the "2013 Notes") and 5.125% Senior Notes due 2010 (the "2010 Notes"), in that order of priority. By 5:00 p.m., New York City time, on May 6, 2010, holders had validly tendered and not withdrawn $130,007,000 principal amount of the 2011 Notes, $82,006,000 principal amount of the 2013 Notes and $76,352,000 principal amount of the 2010 Notes (a total of $288,365,000 principal amount of senior notes). All tenders of the senior notes became irrevocable at that time.
Because of the increase in the total amount of senior notes Lennar will purchase, if no additional senior notes are tendered, Lennar will purchase all the senior notes that were tendered by 5:00 New York City time on May 6, 2010. However, additional senior notes can be tendered until the Offer expires at 5:00 p.m. New York City time on May 25, 2010 (or a later date, if Lennar extends the offer). Because Lennar will purchase all the 2011 Notes that are validly tendered before it purchases any 2013 Notes, and Lennar will purchase all the 2013 Notes that are validly tendered before it purchases any 2010 Notes, some of the 2010 Notes, and possibly even some of the 2013 Notes, that were tendered by 5:00 p.m. on May 6, 2010 may not be purchased.
Because Lennar has increased the principal amount of senior notes that it will purchase to $288,365,000, which is more than the total outstanding principal amount of the 2011 Notes, Lennar will accept all the 2011 Notes that are validly tendered. Thus, Lennar will purchase up to $158,358,000 principal amount of the 2013 notes (if no more 2011 Notes are tendered) or $44,365,000 principal amount of the 2013 notes (if all the remaining 2011 Notes are tendered). To the extent the principal amount of 2011 Notes and 2013 Notes that are validly tendered totals less than $288,365,000, Lennar will purchase 2010 Notes.
Lennar has reserved the right to increase further the total principal amount of senior notes it will purchase. Lennar also has the right to extend the Offer or to amend the terms of the Offer in any respect at any time and from time to time.
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 brand name. Lennar's Financial Services segment provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto Investments segment is focused on distressed real estate asset investments, asset management and workout strategies. 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. These forward-looking statements include statements regarding our business, financial condition, results of operations, strategies and prospects. 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" in Item 1A of our Annual Report on Form 10-K for our fiscal year ended November 30, 2009. We do not undertake any obligation to update forward-looking statements, except as required by Federal securities laws.
Lennar Corporation
CONTACT: Scott Shipley, Investor Relations of Lennar Corporation,
+1-305-485-2054
Web Site: http://www.lennar.com/
