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.
|
| Face amount: | $100 million
|
| Proceeds: | $101 million
|
| Maturity: | June 15, 2019
|
| Security description: | Add-on to 4½% senior notes due June 15, 2019
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 4½%
|
| Price: | 100.5
|
| Call option: | Non-callable
|
| Trade date: | Feb. 25
|
| Settlement date: | Feb. 28 with accrued interest
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Price talk: | None
|
| Marketing: | Quick to market
|
| Original issue: | $400 million priced on Feb. 5, 2014
|
| Total issue size: | $500 million
|
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