Lennar calls $276.5 million 2% convertible senior notes due 2020

By Susanna Moon

Chicago, Oct. 28 - Lennar Corp. said it called its $276.5 million outstanding 2% convertible senior notes due 2020 for redemption on Dec. 2 at par.

The company also will pay accrued interest to but excluding the redemption date, according to a press release.

The notes will continue to be convertible into Lennar's class A common stock until the redemption date. Holders may surrender the notes for conversion until Nov. 29.

The conversion price is about $27.6375 principal amount per share. The company's shares (NYSE: LEN) closed at $36.99 per share on Oct. 25.

The issuer is a Miami-based homebuilder.

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