Lennar lifts revolver to $2 billion, extends some commitments to 2022

By Marisa Wong

Morgantown, W.Va., May 22 – Lennar Corp. amended the credit agreement governing its unsecured revolving credit facility to increase the maximum potential borrowings to $2 billion from $1.8 billion, according to an 8-K filing with the Securities and Exchange Commission.

Lennar also amended its credit agreement to extend the maturity of the class A lenders’ commitments, which are $1.4 billion of the facility, to June 2022 from June 2020. The class B lenders’ commitments, currently $160 million, terminate in June 2018, and the class C lender’s commitment, currently $50 million, terminates in June 2020.

The upsized $2 billion includes a $403 million accordion feature, subject to additional commitments.

JPMorgan Chase Bank, NA is swingline lender, issuing lender and administrative agent under the fifth amended and restated credit agreement.

Lennar is a Miami-based homebuilder.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.