Lennar ups credit to $2.7B
South Florida Business Journal
Lennar Corp. has increased its unsecured revolving credit facility by half a billion dollars.
Upping the facility to $2.7 billion from $2.2 billion, isn't the only feature of the change for the Miami-based home builder.
Lennar (NYSE: LEN and NYSE: LENB) said the credit facility also provides it access to an additional $500 million of financing through an accordion feature, subject to additional commitments, for maximum total facility availability of $3.2 billion.
The credit facility is to mature in July 2011.
JPMorgan Chase Bank is joint lead arranger and administrative agent, Deutsche Bank Trust Co. Americas is joint lead arranger and syndication agent, and Bank of America, Barclays Bank, Calyon New York Branch, Royal Bank of Scotland and Wachovia Bank are documentation agents.
Lennar said a total of 46 lenders participate in the facility.
Bruce Gross, Lennar vice president and chief financial officer, said the company's strategic growth plan begins and ends with a strong balance sheet, as Lennar remains a balance sheet-first focused company.
"This increase in capital provides continued liquidity for the company's current working capital needs and future growth opportunities," he explained.
"LEN" shares closed up $2.11 to $44.79. The 52-week high was $68.86 on July 28, 2005. The 52-week low was $38.66 on July 14.
"LENB" shares closed up $1.87 to $41.51. No 52-week high/low information was available.
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