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Lennar completes exchange offer for CalAtlantic notes

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Lennar completes exchange offer for CalAtlantic notes

Lennar Corp. on Feb. 16 completed its offer to exchange any and all validly tendered and accepted CalAtlantic Group Inc. notes for new Lennar notes.

The final settlement took place Feb. 20.

The two companies completed their $9.3 billion merger Feb. 12.

CalAtlantic's 8.375% notes due 2018, 6.625% notes due 2020, 8.375% notes due 2021, 6.25% notes due 2021, 5.375% notes due 2022, 5.875% notes due 2024, 5.25% notes due 2026 and 5.00% notes due 2027 were up for exchange.

In connection with the validly tendered and accepted notes, Lennar issued the following series of new notes:

* Roughly $485.6 million in aggregate principal amount of new 8.375% senior notes due May 15.

* Roughly $267.7 million in aggregate principal amount of new 6.625% senior notes due May 1, 2020.

* Roughly $397.6 million in aggregate principal amount of new 8.375% notes due Jan. 15, 2021.

* Roughly $292 million in aggregate principal amount of new 6.25% senior notes due Dec. 15, 2021.

* Roughly $240.8 million in aggregate principal amount of new 5.375% senior notes due Oct. 1, 2022.

* Roughly $421.4 million in aggregate principal amount of new 5.875% senior notes due Nov. 15, 2024.

* Roughly $395.5 million in aggregate principal amount of new 5.25% senior notes due June 1, 2026.

* Roughly $347.3 million in aggregate principal amount of new 5.00% senior notes due June 15, 2027.

Of the CalAtlantic notes, the following amounts were outstanding following the closing of the offer:

* Roughly $89.4 million in aggregate principal amount of the 8.375% notes due 2018.

* Roughly $32.3 million in aggregate principal amount of the 6.625% notes due 2020.

* Roughly $2.4 million in aggregate principal amount of the 8.375% notes due 2021.

* Roughly $8.0 million in aggregate principal amount of the 6.25% notes due 2021.

* Roughly $9.2 million in aggregate principal amount of the 5.375% notes due 2022.

* Roughly $3.6 million in aggregate principal amount of the 5.875% notes due 2024.

* Roughly $4.5 million in aggregate principal amount of the 5.25% notes due 2026.

* Roughly $2.7 million in aggregate principal amount of the 5.00% notes due 2027.