Lennar Corp Enters Material Definitive Agreement
Ticker: LEN-B · Form: 8-K · Filed: Dec 2, 2024 · CIK: 920760
Sentiment: neutral
Topics: debt, financing, material-agreement
Related Tickers: LEN
TL;DR
LEN just signed a big financing deal, potentially impacting their ability to build more homes.
AI Summary
On November 25, 2024, Lennar Corporation entered into a material definitive agreement, specifically a credit agreement, which creates a direct financial obligation for the registrant. The filing details the terms of this agreement, which is crucial for the company's ongoing financial operations and potential future investments.
Why It Matters
This filing indicates Lennar Corporation has secured new financing or restructured existing debt, which is vital for its ability to fund ongoing construction projects and manage its balance sheet.
Risk Assessment
Risk Level: medium — Entering into new debt agreements can introduce financial risk if not managed properly, but it also provides necessary capital for operations.
Key Players & Entities
- Lennar Corporation (company) — Registrant
- November 25, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
FAQ
What type of material definitive agreement did Lennar Corporation enter into?
Lennar Corporation entered into a credit agreement, as indicated by the filing.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is November 25, 2024.
What is Lennar Corporation's state of incorporation?
Lennar Corporation is incorporated in Delaware.
What is the Commission File Number for Lennar Corporation?
The Commission File Number for Lennar Corporation is 1-11749.
What is the IRS Employer Identification Number for Lennar Corporation?
The IRS Employer Identification Number for Lennar Corporation is 95-4337490.
Filing Stats: 862 words · 3 min read · ~3 pages · Grade level 11.2 · Accepted 2024-12-02 16:16:31
Key Financial Figures
- $2.875 billion — s, increase the lenders' commitments to $2.875 billion until May 2027 when this amount will be
- $2.650 billion — 027 when this amount will be reduced to $2.650 billion until final maturity in November 2029.
- $625 million — ovember 2029. The Credit Facility has a $625 million accordion feature, subject to additiona
- $3.5 billion — borrowing capacity can be increased to $3.5 billion. The Ninth Amended and Restated Credi
Filing Documents
- d899165d8k.htm (8-K) — 31KB
- d899165dex101.htm (EX-10.1) — 581KB
- d899165dex102.htm (EX-10.2) — 46KB
- 0001193125-24-268928.txt ( ) — 961KB
- len-20241125.xsd (EX-101.SCH) — 4KB
- len-20241125_def.xml (EX-101.DEF) — 13KB
- len-20241125_lab.xml (EX-101.LAB) — 21KB
- len-20241125_pre.xml (EX-101.PRE) — 14KB
- d899165d8k_htm.xml (XML) — 5KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. The following exhibits are furnished as part of this Current Report on Form 8-K. Exhibit No. Description of Document 10.1 Ninth Amended and Restated Credit Agreement, dated as of November 25, 2024, among Lennar Corporation, as borrower, JPMorgan Chase Bank, N.A., as issuing lender and administrative agent, the several lenders from time to time parties thereto, and the other parties and agents thereto. 10.2 Ninth Amended and Restated Guarantee Agreement, dated as of November 25, 2024, among certain of Lennar Corporation's subsidiaries in favor of the guaranteed parties referred to therein. 104 Cover Page Interactive Data File—the cover page XBRL tags are embedded within the Inline XBRL document. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 2, 2024 Lennar Corporation By: /s/ Diane Bessette Name: Diane Bessette Title: Vice President and Chief Financial Officer