Lennar to redeem its, Standard Pacific’s 5 7/8% notes due 2024

By Wendy Van Sickle

Columbus, Ohio, July 28 – Lennar Corp. will redeem all $421.4 million of its outstanding 5 7/8% senior notes due Nov. 15, 2024 and all $3.6 million of the outstanding 5 7/8% senior notes due Nov. 15, 2024 issued by Standard Pacific Corp., now a subsidiary of Lennar, on Aug. 30, according to an 8-K filing with the Securities and Exchange Commission

The redemption price will be the greater of par and a make-whole amount of the applicable Treasury rate plus 50 basis points.

Lennar is a Miami-based homebuilder.

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