Lennar late yesterday announced that it had completed a $50 million add-on to its existing issue of 4.75% notes due 2022, according to the company. Although underwriters have not yet stepped forward with further details, a company statement outlined pricing at 98.25, which works out to a yield of 4.98%. This marks the second reopening of the 4.75% notes and brings the total issue size to $575 million. The original $350 million was placed in October of last year at par and another $175 million was added in January at 98.07. Existing issue ratings are BB-/Ba3. Proceeds from this week’s deal will be used for working capital and general corporate purposes, which might include debt repayment. Terms:
| Issuer | Lennar Corp. |
| Ratings | BB-/Ba3 (existing) |
| Amount | $50 million |
| Issue | add-on senior notes (144A) |
| Coupon | 4.75% |
| Price | 98.25 |
| Yield | 4.98% |
| Spread | n/a |
| FRN eq. | n/a |
| Maturity | Nov. 15, 2022 |
| Call | @ par three months prior to maturity |
| Trade | April 10, 2013 |
| Settle | April 17, 2013 |
| Joint Bookrunners | |
| Co-leads | |
| Co’s. | |
| Px talk | |
| Notes | carries T+50 make-whole call; issue size now $575 million. |