Lennar gets tenders for $204.7 million of 5.95% notes due 2013 so far

By Angela McDaniels

Tacoma, Wash., July 30 - Lennar Corp. had received tenders for $204.7 million, or 76.5%, of its $267,722,000 of outstanding 5.95% senior notes due 2013 as of 5 p.m. ET on July 30, according to a company news release.

A tender offer for the notes began July 17 and will expire at 8 a.m. ET on Aug. 14.

The price on offer is 103% of par for notes tendered by 5 p.m. ET on July 30 and 102% of par for notes tendered after that time but prior to the offer expiration.

Lennar has accepted all of the notes tendered by 5 p.m. ET on July 30 and expects to pay for them on July 31.

The tender offer had been conditioned on the completion of a $300 million offering of senior notes. That condition was satisfied by a sale of $350 million of 4¾% senior notes due 2017 on July 20.

The dealer managers for the tender offer are 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 is 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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