By Paul A. Harris
Portland, Ore., Feb. 25 - Lennar Corp. priced a $100 million add-on to its 4½% non-callable senior notes due June 15, 2019 (Ba3/BB-/BB+) at 100.5 on Tuesday, according to market sources.
The quick-to-market deal came without official price talk.
Citigroup Global Markets Inc. was the bookrunner.
The Miami-based homebuilder plans to use the proceeds for general corporate purposes and working capital.
Issuer: | Lennar Corp.
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Face amount: | $100 million
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Proceeds: | $101 million
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Maturity: | June 15, 2019
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Security description: | Add-on to 4½% senior notes due June 15, 2019
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Bookrunner: | Citigroup Global Markets Inc.
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Coupon: | 4½%
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Price: | 100.5
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Call option: | Non-callable
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Trade date: | Feb. 25
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Settlement date: | Feb. 28 with accrued interest
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Ratings: | Moody's: Ba3
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| Standard & Poor's: BB-
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| Fitch: BB+
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Distribution: | SEC registered
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Price talk: | None
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Marketing: | Quick to market
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Original issue: | $400 million priced on Feb. 5, 2014
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Total issue size: | $500 million
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