LENNAR CORP /NEW/ (LEN) Form 8-K — Oct 29, 2026
Lennar Corporation amended and restated its unsecured revolving credit facility on October 26, 2026, increasing aggregate lender commitments to $3.795 billion and extending the maturity of the $3.545 billion Class A commitments from November 2029 to November 2031. The amendment also raised total potential borrowing capacity from $3.500 billion to $4.545 billion via a $750 million accordion, removed the 0.10% SOFR credit spread adjustment, and added margin and commitment-fee reductions tied to rating conditions. Separately, Lennar upsized its delayed draw term loan facility by $40 million to $1.75 billion, maturing May 2028 with an option to extend to May 2029.
Key figures
- Debt Amount
- $3.795 billion revolver commitments plus $1.75 billion delayed draw term loans
- Accordion feature
- $750 million
- Term loan increase
- $40 million (from $1.71 billion to $1.75 billion)
- Term loan maturity
- May 2028, extendable to May 2029
- Class a commitments
- $3.545 billion
- Class b commitments
- $225 million (maturing May 2027)
- Class c commitments
- $25 million (maturing November 2029)
- Class a maturity extension
- November 2029 to November 2031
- Revolver capacity increase
- $3.500B to $4.545B
- Credit spread adjustment removed
- 0.10%
AI analysis
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