Lennar begins tender offer for 5.95% notes contingent on new issue

By Angela McDaniels

Tacoma, Wash., July 17 - Lennar Corp. said it is beginning a tender offer for its $267,722,000 of outstanding 5.95% senior notes due 2013.

The price offered for the notes will be 103% of par, which includes a payment for early tenders made by 5 p.m. ET on July 30, according to a company news release.

The tender offer will be conditioned on, among other things, the completion of a $300 million offering of senior notes that is expected to close by July 23; however, Lennar has the right to waive that condition.

The tender offer will expire at 8 a.m. ET on Aug. 14.

If Lennar accepts any tendered notes, it will accept and pay for notes that are tendered by 5 p.m. ET on July 30 shortly after that time, and it will accept and pay for notes that are tendered between that time and the time when the offer expires shortly after the offer expires.

The dealer managers for the tender offer will be Deutsche Bank Securities Inc. (212 250-7527 or 855 287-1922) and Citigroup (212 723-6106 or 800 558-3745). The depositary and information agent will be Global Bondholder Services Corp. (212 430-3774 for banks and brokers; others call 866 294-2200).

Lennar is a homebuilder based in Miami.

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