Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 29

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 29
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2027698,555 698,266 5.20% senior notes due 2030693,540 — 4.75% senior notes due 2025— 499,779 Mortgage notes on land and other debt247,894 307,440 $2,791,987 2,258,283 The carrying amounts of the senior notes in the table above are net of debt issuance costs of $8.0 million and $2.4 million as of May 31, 2025 and November 30, 2024, respectively.In May 2025, the Company issued $700 million in aggregate principal amount of 5.20% senior notes due 2030 (the "5.20% senior notes") at a price of 99.969% of the principal amount. Proceeds from the offering, after payment of expenses, totaled $695.6 million. The 5.20% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. Interest on the 5.20% Senior Notes is due semi-annually beginning January 30, 2026. The Company utilized the net proceeds from the sale of the 5.20% senior notes primarily to pay off $500 million aggregate principal amount of its 4.75% senior notes due May 2025. The redemption price, which was paid in cash, was 100% of the principal amount outstanding.In May 2025, the Company also entered into a new unsecured delayed draw term loan facility with an initial committed borrowing availability of approximately $1.6 billion (the “Delayed Draw Term Loan Facility”), which can be increased by an additional $500 million via an accordion feature. The credit agreement governing the Company’s new unsecured Delayed Draw Term Loan Facility permits the Company to draw 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