Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 25

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 1
Chunk 25
---
 February 28, 2025 and February 29, 2024, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

(8)Homebuilding Senior Notes and Other Debt Payable

(Dollars in thousands)February 28, 2025November 30, 20244.75% senior notes due 2025$499,890 499,779 5.25% senior notes due 2026401,520 401,824 5.00% senior notes due 2027350,878 350,974 4.75% senior notes due 2027698,411 698,266 Mortgage notes on land and other debt260,573 307,440 $2,211,272 2,258,283 The carrying amounts of the senior notes in the table above are net of debt issuance costs of $2.1 million and $2.4 million as of February 28, 2025 and November 30, 2024, respectively.

18

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

In November 2024, the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility"). During the three months ended February 28, 2025, the Company received an additional $150 million in commitments. The maximum available borrowings on the Credit Facility were as follows:(In thousands)At February 28, 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 Annual Report on 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.The Company's processes for posting performance and financial letters of credit and