Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 18

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 18
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We estimate that the net proceeds from this offering, after deducting the underwriting discount and estimated offering expenses, will be
approximately $693.1 million. We intend to use the net proceeds of this offering for general corporate purposes, including the repayment of debt.

OTHER INDEBTEDNESS

With the exception of the Revolving Credit Agreement described below, none of our other indebtedness, other than as described in this
prospectus supplement, or the documents incorporated by reference in it, has any covenants that restrict our, or our subsidiaries’, ability to make payments on outstanding indebtedness or to pay dividends, or requires us to maintain financial
attributes. All of our Existing Notes have covenants, similar to those in the indenture governing the Notes, that limit our, or our subsidiaries’, ability to create liens securing indebtedness or enter into sale and leaseback transactions. We
believe that we were in compliance with our debt covenants as of February 28, 2025.

In November 2024, we amended the credit
agreement (the “Revolving Credit Agreement”) governing our unsecured revolving credit facility (the “Credit Facility”). Under the Revolving Credit Agreement, we may borrow, on a revolving basis, up to $3.5 billion, which
includes a $625 million accordion feature, subject to additional commitments. The maturity for $2.65 billion of the credit facility is in November 2029, with the remaining $225 in commitments maturing in May 2027. During the three months
ended February 28, 2025, the Company received an additional $150 million in commitments, increasing the total commitments maturing in 2029 from $2.65 billion to $2.8 billion, thereby increasing the total commitments to
$3.0 billion. As of February 28, 2025, based on our current credit rating, the interest rate on $2.8 billion of the credit facility was SOFR plus 1.00%, and the interest rate on the remainder of the credit facility was SOFR plus
1.10%. The Revolving Credit Agreement provides that up to $477.5 million in commitments may be used for letters of credit. At February 28, 2025, we had no outstanding borrowings under our unsecured revolving credit facility. Lennar
Corporation’s obligations under the Revolving Credit Agreement are guaranteed by substantially the same subsidiaries that will be guaranteeing the Notes