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Lennar gives exchange update for CalAtlantic notes, enough to amend
By Susanna Moon
Chicago, Feb. 2 Lennar Corp. said it has secured the needed consents to amend eight series of notes issued by CalAtlantic Group, Inc. and is executing a supplemental indenture for each series.
As announced Jan. 19, Lennar also is offering to exchange the notes issued by CalAtlantic for up to $3 billion of new notes issued by Lennar and cash.
Lennar also is soliciting, on behalf of CalAtlantic, consents to amend the notes to eliminate some covenants, restrictive provisions and events of default from those indentures.
The early tender results as of 5 p.m. ET on Feb. 1 are as follows:
$485,609,000, or 84.45%, of $575 million outstanding 8 3/8% senior notes due May 15, 2018;
$267,708,000, or 89.24%, of $300 million outstanding 6 5/8% senior notes due May 1, 2020;
$397,606,000, or 99.40%, of $400 million outstanding 8 3/8% senior notes due Jan. 15, 2021;
$291.96 million, or 97.32%, of $300 million outstanding 6Ό% senior notes due Dec. 15, 2021;
$240,753,000, or 96.30%, of $250 million outstanding 5 3/8% senior notes due Oct. 1, 2022;
$421,403,000, or 99.15%, of $425 million outstanding 5 7/8% senior notes due Nov. 15, 2024;
$395,535,000, or 98.88%, of $400 million outstanding 5Ό% senior notes due June 1, 2026; and
$347,343,000, or 99.24%, of $350 million outstanding 5% senior notes due June 15, 2027.
The total exchange value per $1,000 principal amount of existing CalAtlantic notes is $1,000 principal amount of new Lennar notes with the same respective coupon and maturity and $1.00 in cash.
The total exchange amount includes an early tender premium of $30 principal amount of Lennar notes for each $1,000 principal amount of CalAtlantic notes tendered for exchange by the early tender date.
The exchange offers will continue until 12:01 a.m. ET on Feb. 16.
Each exchange offer and consent solicitation is conditioned on completion of the other exchange offers and consent solicitations. The exchange offers and consent solicitations are also conditioned on closing of Lennars previously announced merger with CalAtlantic, which is slated for Feb. 12.
Global Bondholder Services Corp. (866 794-2200 or 212 430-3774 for banks and brokers) is the exchange agent and information agent for the Rule 144A and Regulation S offers.
Lennar is a Miami-based homebuilder. CalAtlantic is a home construction company based in Arlington, Va.
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