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| Lennar repurchases $289 million of its senior notes Lennar Corp, one of the US's leading builders of quality homes for all generations, announced that it has repurchased $289,398,000 principal amount of its outstanding senior notes through a debt tender that expired. In the debt tender offer, which was commenced on April 27, 2010, Lennar originally sought to purchase up to a total of $200,000,000 principal amount of its 5.95% Senior Notes due 2011, 5.95% Senior Notes due 2013 and 5.125% Senior Notes due 2010, in that order of priority. The tender offer was structured as a "waterfall" tender, in which Lennar would purchase, up to a total of $200 million principal amount, all the tendered 2011 Notes before it would purchase any 2013 Notes, and all the tendered 2013 Notes before it would purchase any 2010 Notes. By May 6, 2010, after which tendering holders would not receive an early tender payment of $30 per $1,000 principal amount, a total of $288,365,000 principal amount of senior notes had been tendered. On May 11, 2010, Lennar increased the principal amount of senior notes it would purchase to $288,365,000, so that, if no additional senior notes had been tendered between May 6, 2010 and the expiration of the offer on May 25, 2010, Lennar would have purchased all the tendered senior notes. By the time the offer expired at 5:00 New York City time on May 25, 2010, an additional $1,033,000 of senior notes had been tendered, increasing the total principal amount of senior notes that were tendered to $289,398,000. Lennar increased the principal amount it would purchase and purchased all $289,398,000 of senior notes that were tendered. The senior notes Lennar purchased included $130,758,000 of 2011 Notes, equal to 53.6% of all the outstanding 2011 Notes, $82,278,000 of 2013 Notes, equal to 23.5% of all the outstanding 2013 Notes, and $76,362,000 of 2010 Notes, equal to 43.4% of all the outstanding 2010 Notes. write your comments about the article :: © 2010 Construction News :: home page |