Lennar renews credit facilities to the tune of $1.2B
June 3, 2004
MIAMI Ã¢â‚¬â€œ Lennar Corp., a publicly traded builder of homes and provider of related homeowner services such as alarm installation and monitoring, said its senior unsecured revolving credit facilities have been renewed to the tune of $1.2 billion. The credit facilities include a $847-million, five-year revolving credit facility maturing in May 2009, and a $363-million, 364-day revolving credit facility maturing in May 2005.
The company said 25 lenders participated in the arrangement, with Bank One serving as Joint Arranger and Administrative Agent. Deutsche Bank Trust Company Americas acted as Joint Lead Arranger and Syndication Agent. A number of leading financial institutions served as Documentation Agents, including Bank of America, Comerica Bank and The Royal Bank of Scotland.
Lennar operates several units within the company, including a family of builders, financial services and strategic technologies divisions. The latter involves a number of subscription services for homeowners that include alarm installation and monitoring as well as cable television and high speed Internet access.