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Lennar nets $1.19B from senior notes offering

Lennar Corp. closed an offering of $300 million of 2.95% senior notes due 2020 and $900 million of 4.75% senior notes due 2027, which brought in net proceeds of roughly $1.19 billion.

Interest on the notes will be payable semiannually every May 29 and Nov. 29, starting May 29, 2018.

Lennar intends to use the proceeds to finance a portion of the cash consideration for its pending $9.3 billion merger with CalAtlantic Group Inc., as well as for general business purposes.