Company: LEN
Filing Date: 2025-05-19
Form Type: 8-K
Source: 0001628280-25-026533
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Company: LENNAR CORP /NEW/
Filing Date: 2025-05-19
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

On May 14, 2025, Lennar Corporation (the “ Company”) entered into a delayed draw term loan credit agreement under its unsecured delayed draw term loan credit facility (the “ Credit Facility”) pursuant to which, among other things, the lenders will extend to the Company delayed draw term loans in a maximum principal amount of $1,610,000,000, which amount can be increased by an additional $500,000,000 via an accordion feature.

The Delayed Draw Term Loan Credit Agreement (the “ Credit Agreement”) is among the Company, as borrower, Truist Securities, Inc., JPMorgan Chase Bank, N. A., Banco Bilbao Vizcaya Argentaria, S. A. New York Branch, BofA Securities, Inc., Goldman Sachs Bank USA and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, the several lenders from time to time parties thereto and JPMorgan Chase Bank, N. A., as administrative agent. The Credit Facility consists of delayed draw term loans. Once borrowed, amounts cannot be redrawn even if repaid. The proceeds available under the Credit Facility may be used for working capital and general corporate purposes.

In connection with the Credit Agreement, certain of the Company’s wholly-owned subsidiaries, which are primarily homebuilding subsidiaries, entered into a Guarantee Agreement (the “ Guarantee Agreement”), dated as of May 14, 2025, pursuant to which those subsidiaries guarantee the Company’s obligations under the Credit Agreement. The descriptions of the Credit Agreement and the Guarantee Agreement are qualified in their entirety by reference to the full and complete terms contained in the Credit Agreement and the Guarantee Agreement, each of which is an exhibit to this Report on Form 8-K.

The Company and certain of its affiliates from time to time enter into commercial financial arrangements with almost all the lenders under the Credit Facility and/or their respective affiliates, and affiliates of certain of the lenders provide financial, advisory, investment banking and other services to the Company and its affiliates. In addition, affiliates of certain of the lenders serve from time to time as underwriters of the Company’s issuances of senior notes, including the Notes described under Item 8.01 of this Report on Form 8-K.