Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 116

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 8
Chunk 116
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 up to six times in the first 180 days after the effective date of the credit agreement or May 2028. Once drawn, the Company may at any time prepay the loan, in whole or in part, without premium or penalty. The term loan’s maturity date is three years from the initial effectiveness date of the credit agreement, and at the Company’s discretion, it can be extended for an additional year, subject to the satisfaction of certain conditions. Under the Delayed Draw Term Loan Facility, interest rates equal the adjusted term SOFR determined for the interest period plus the applicable margin. As of May 31, 2025, there were no borrowings under the credit agreement governing the Delayed Draw Term Loan Facility.In November 2024, the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility"). In the first quarter of 2025, the Company received an additional $150 million in commitments. The maximum available borrowings on the Credit Facility were as follows:(In thousands)At May 31, 2025Commitments - maturing in May 2027$225,000 Commitments - maturing in November 20292,800,000 Total commitments$3,025,000 Accordion feature475,000 Total maximum borrowings capacity$3,500,000 The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $477.5 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2024 Form 10-K for the year ended November 30, 2024. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.

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Lennar Corporation and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2024 Form 10-K. The Company's outstanding letters of credit and surety bonds are disclosed below:(In thousands)At May 31, 2025At November 30, 2024Performance letters of credit$1,843,332 1,668