Lennar calls all $299 million 5.125% zero-coupon convertibles

By Jennifer Chiou

New York, March 9 - Lennar Corp. announced the redemption of all $299 million of its 5.125% zero-coupon convertible senior subordinated notes due 2021, according to an 8-K filing with the Securities and Exchange Commission.

The Miami homebuilder will redeem the notes on April 4 at $468.10 per $1,000 principal amount at maturity.

Lennar added that holders may convert their notes before April 4 at a rate of 14.1754 class A common shares per $1,000 principal amount at maturity. The company's stock closed at $56.41 on March 8.

J.P. Morgan Trust Co. is the trustee.

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