Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 52

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 52
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 Outstanding (1)Principal AmountNet Proceeds (2)PriceDate Issued(Dollars in thousands)4.75% senior notes due 2025$500,000 495,528 100 %April 20155.25% senior notes due 2026400,000 (3)(3)(3)5.00% senior notes due 2027350,000 (3)(3)(3)4.75% senior notes due 2027 (4)900,000 894,650 100 %November 2017(1)Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries.(2)The Company generally has historically used the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes.(3)These notes represent obligations of CalAtlantic when it was acquired that were subsequently exchanged in part for the notes of the Company. As part of the purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018).(4)As of November 30, 2024, the principal amount remaining to be paid upon maturity was $700 million.All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily the Company's homebuilding subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will have its guarantee suspended at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company) other than senior notes, and (ii) a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of.The terms of the Company's mortgage on land and other debt at November 30, 2024 were as follows:At November 30,Various Maturity Dates ThroughInterest Rates Up ToAverage Interest Rate(Dollars in thousands)20242023Carrying value$307,440 311,720 20317.5%4.4%Retired during the year46,005 11,835 The minimum aggregate principal maturities of Homebuilding senior notes and other