Lennar holders tender $5,000 more of 5.95% notes since early deadline

By Angela McDaniels

Tacoma, Wash., Aug. 14 - Lennar Corp. received tenders for $204,721,000, or 76.5%, of its $267,722,000 of outstanding 5.95% senior notes due 2013, according to a company news release.

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

All but $5,000 principal amount of the notes were tendered during the early tender period that ended at 5 p.m. ET on July 30 and were purchased on July 31 for 103% of par plus accrued interest up to but excluding the early tender purchase date.

The remaining $5,000 of notes are being purchased for 102% of par plus accrued interest up to but excluding Aug. 14, after which about $63 million of notes will remain outstanding.

The tender offer was 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 were Deutsche Bank Securities Inc. (212 250-7527 or 855 287-1922) and Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745). The depositary and information agent was 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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