Lennar Corp. said it has received the requisite number of consents in the results of early tenders in its exchange offers for any and all outstanding senior notes issued by CalAtlantic Group Inc. to amend the terms of the CalAtlantic notes.
The exchange offers are in connection with the companies' $9.3 billion merger. The notes will be swapped for up to $3.0 billion of new notes issued by Lennar and cash.
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 are the series of senior notes up for exchange.
The exchange offers and consent solicitations are scheduled to expire at 12:01 a.m. ET on Feb. 16, unless extended, and settlement is expected within two business days of the expiration date.
The exchange offers and consent solicitation are also conditional upon closing of the merger which is expected to take place Feb. 12.
