Lennar Corporation Closes $600M Senior Notes Offering

Offering Summary

On October 15, 2026, Lennar Corporation settled an offering of $600 million aggregate principal amount of senior notes:

• $300,000,000 aggregate principal amount of 5.700% Senior Notes due 2029
• $300,000,000 aggregate principal amount of 5.950% Senior Notes due 2032

Key Terms & Structure

• Guarantees: The notes are unconditionally guaranteed, jointly and severally, by certain direct or indirect wholly owned subsidiaries of Lennar.
• Indenture: Issued under the Indenture dated December 31, 1997, supplemented by the Sixteenth Supplemental Indenture (2029 Notes) and Seventeenth Supplemental Indenture (2032 Notes), with The Bank of New York Mellon acting as trustee.
• Underwriters: Representatives included BBVA Securities Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Truist Securities, Inc., and Wells Fargo Securities, LLC under an agreement dated October 13, 2026.
• Use of Proceeds: Net proceeds will be utilized for general corporate purposes.

Market Impact & Context

This $600M issuance bolsters Lennar's liquidity profile and refinances or extends its debt maturity profile across medium-term horizons (2029 and 2032) at fixed coupon rates of 5.700% and 5.950%.