Home-builder Lennar Corp. (LEN,LEN.B) said it proposes to offer a new issue of senior notes due 2018 and an additional amount of its 4.750% senior notes due 2022. The company concluded the sale of the initial $350 million principal amount of 4.750% senior notes due 2022 on October 23, 2012.
The new issuance would mature on December 1, 2018 and the 4.750% senior notes would mature on November 15, 2022, unless they are redeemed or bought back before that date. When they are issued, the senior notes due 2018 and the notes due 2022 would be guaranteed by some of Lennar's units, but those guarantees may be suspended or released under certain circumstances, the company said.
The net proceeds of the sale of the senior notes due 2018 and senior notes due 2022 are intended to be used mainly for working capital and general corporate purposes, which may include the repayment or repurchase of some of its outstanding senior notes.
The senior notes due 2018 and notes due 2022 would be offered only to qualified institutional buyers in transactions that are exempt from the registration requirements of the Securities Act of 1933, as amended, under SEC Rule 144A or tonon-US persons in offshore transactions as that term is defined in SEC Regulation S.
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