Lennar guides $350 million five-year bullet notes in low 4% area; pricing Thursday

By Paul A. Harris

Portland, Ore., Jan. 5 – Dealers gave initial guidance for Lennar Corp.'s $350 million offering of five-year senior bullet notes in the low 4% area on Thursday, according to a trader in New York.

The deal is set to price on Thursday, the trader added.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., Mizuho Securities, Goldman Sachs & Co., RBC Capital Markets, and Wells Fargo Securities LLC are joint bookrunners for the public offering.

The notes become callable at par 90 days prior to maturity but are otherwise non-callable.

The Miami-based homebuilder plans to use the proceeds to fund all or a portion of its merger with WCI Communities, Inc. and for general corporate purposes, which may include the repayment or repurchase of Lennar debt.

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