Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 115

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 8
Chunk 115
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 anti-dilutive.

19

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

(8)Homebuilding Senior Notes and Other Debt Payable

(Dollars in thousands)At May 31, 2025At November 30, 2024Unsecured revolving credit facility$400,000 — 5.25% senior notes due 2026401,216 401,824 5.00% senior notes due 2027350,782 350,974 4.75% senior notes due 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