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Lennar Gets Facility Increased to $950M

JUN 12, 2013 11:48am ET
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Lennar Corp. has received an increase in its unsecured revolving credit facility to $950 million, plus it was able to extend the maturity date to June 2017.

In May 2012, the company received a $525 million line of credit (including a $115 million accordion feature) which was due to expire in May 2015.

The expanded facility has a $33 million accordion. Interest is pegged to the Eurodollar rate plus a 250 basis point margin. Proceeds may be used for working capital and for general corporate purposes.

JPMorgan Chase Bank NA is the administrative agent. The other lenders are Citibank NA; Bank of America NA; Deutsche Bank Trust Co. Americas; Bank of Montreal; UBS Loan Finance LLC; PNC Bank NA; Wells Fargo Bank NA; Texas Capital Bank NA; California Bank & Trust; Comerica Bank; Regions Bank; and Capital Bank NA.

Besides operating a home builder, Lennar also has a mortgage lending, title insurance and closing services subsidiary. Its Rialto Investments unit is focused on distressed real estate investments, asset management and workout strategies.

Separately, Whitestone REIT said B of A has joined the group that provides its expanded unsecured credit facility. The line is now $175 million including a $50 million accordion feature.

The financing will be used for acquisitions, redevelopment of properties in its portfolio and general corporate purposes.

The other lenders providing the facility are Bank of Montreal, US Bank and Wells Fargo.

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