Lennar gets tenders for $289.4 million of 5.95% notes, 5 1/8% notes

By Devika Patel

Knoxville, Tenn., May 25 - Lennar Corp. said it has repurchased $289.4 million of its senior notes through a debt tender offer that expired on Tuesday.

The offer, which began on April 27, originally was for up to $200 million of the company's 5.95% senior notes due 2011, its 5.95% senior notes due 2013 and its 5 1/8% senior notes due 2010. The tender was structured as a "waterfall" tender in which Lennar would purchase up to $200 million of the 2011 notes before it would buy any 2013 notes and all of the 2013 notes before buying any 2010 notes.

By May 6, the early tender deadline, holders had tendered $288.37 million total of the notes. On May 11, Lennar increased the principal amount of notes it would purchase to $288.37 million.

By the time the offer expired at 5 p.m. ET on May 25, an additional $1.03 million of the notes had been tendered, increasing the total amount tendered to $289.4 million. Lennar again increased the principal amount it would purchase and purchased all tendered notes.

The tendered notes included $130.76 million of the 2011 notes, or 53.6%; $82.28 million of the 2013 notes, or 23.5%; and $76.36 million in 2010 notes, or 43.4%. Holders who tendered by the early tender deadline received a payment of $30.00 per $1,000 in notes.

Lennar is a Miami-based homebuilder and provider of financial services.

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