Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 6

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 6
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 and assumed liabilities of $50.4 million, primarily consisting of accounts
payable and other liabilities. The cash consideration paid by Lennar to Rausch was funded from working capital.

Delayed Draw Term Loan Facility

Approximately at the same time as the closing of this offering, we will enter into a new unsecured delayed draw term loan facility
with an initial committed borrowing availability of up to approximately $1.61 billion (the “Delayed Draw Term Loan Facility”). The credit agreement governing our new unsecured delayed draw term loan facility will permit us to request
delayed draw term loans for up to six months after the effectiveness date of the credit agreement. Once drawn, the term loans will have a maturity date that is three years from the initial effectiveness date of such credit agreement with the ability
of the company to extend the maturity for an additional year subject to the satisfaction of certain conditions. The credit agreement provides for an uncommitted incremental feature of up to $500 million. Borrowings under the credit agreement
governing our new unsecured delayed draw term loan facility will be guaranteed by the same guarantors that provide guarantees in respect of our existing revolving credit facility. The other terms and conditions of the credit agreement are expected
to be substantially consistent with the credit agreement governing our existing revolving credit facility. The consummation of the offering of the Notes hereby will not be conditioned on the effectiveness of our new unsecured delayed draw term loan
facility. There can be no assurances that our new unsecured delayed draw term loan facility will become effective on the terms described herein or at all.

Current Industry Conditions

The 2025 spring selling season has begun and our first quarter was marked by a challenging macroeconomic environment for homebuilding. While
demand remains strong, persistently higher interest rates and inflation, combined with a downturn in consumer confidence, made it increasingly difficult for consumers to access homeownership. As a result, our net sales dollar value in the first
quarter of fiscal 2025 decreased 4% from the prior year period and our home sales gross margin decreased to 18.7% from 21.8%. We remain focused on our land light strategy. With the spin-off of Millrose during
the first quarter, our years supply of owned homesites improved to 0.2 years from 1.3 years last year, and our controlled homesite percentage increased to 98% from 77% year over year. We remain steadfast in our goals to match our production with
sales pace, drive strong