Lennar to price $400 million 10-year bullet in Tuesday drive-by, will take out 5.6% notes due 2015

By Paul A. Harris

Portland, Ore., April 21 – Lennar Corp. plans to price a $400 million public offering of non-callable 10-year senior notes (expected ratings Ba3/BB/BB+) on Tuesday, according to an informed source.

Joint bookrunner Citigroup Global Markets Inc. will bill and deliver. BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets, Mizuho and Wells Fargo Securities LLC are also joint bookrunners.

The notes feature a par call three months prior to maturity but are otherwise non-callable.

The Miami-based home builder plans to use the proceeds to redeem its 5.6% notes due 2015 and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.