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    SEC Form FWP filed by Lennar Corporation

    5/12/25 4:49:41 PM ET
    $LEN
    Homebuilding
    Consumer Discretionary
    Get the next $LEN alert in real time by email
    FWP 1 d891340dfwp.htm FWP FWP

    Issuer Free Writing Prospectus, dated May 12, 2025

    Filed Pursuant to Rule 433

    supplementing the Preliminary Prospectus Supplement, dated May 12, 2025

    and the accompanying Prospectus, dated February 2, 2023

    Registration Statement No. 333-269537

    Lennar Corporation

    $700,000,000 5.200% Senior Notes due 2030

    Pricing Term Sheet

    The information in this pricing term sheet supplements Lennar Corporation’s preliminary prospectus supplement, dated May 12, 2025 (the “Preliminary Prospectus Supplement”), and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement.

     

    Issuer:    Lennar Corporation
    Title of Securities:    5.200% Senior Notes due 2030 (the “Notes”)
    Expected Ratings*:   

    Baa2 (positive) (Moody’s)

    BBB (stable) (S&P)

    BBB+ (stable) (Fitch)

    Aggregate Principal Amount:    $700,000,000
    Public Offering Price:    99.969% of the principal amount, plus accrued interest, if any, from May 19, 2025 if settlement occurs after that date
    Net Proceeds to Issuer (after underwriting discount but before estimated expenses):    $695,583,000
    Trade Date:    May 12, 2025
    Settlement Date**:    May 19, 2025 (T+5)
    Maturity Date:    July 30, 2030
    Coupon:    5.200%
    Interest Payment Dates:    January 30 and July 30 of each year, commencing January 30, 2026
    Yield to Maturity:    5.203%


    Benchmark Treasury:    3.875% UST due April 30, 2030
    Benchmark Treasury Price/Yield:    98-31+ / 4.103%
    Spread to Benchmark Treasury:    T+110 basis points
    Record Dates:    January 15 and July 15
    Optional Redemption:    Make-whole call at T+20 basis points prior to June 30, 2030; 100% of principal amount on or after June 30, 2030, in either case, plus any accrued and unpaid interest thereon to, but excluding, the redemption date
    Change of Control Triggering Event:    101% of principal, plus any accrued and unpaid interest on the Notes to, but excluding, the repurchase date
    CUSIP / ISIN:    526057CY8 / US526057CYCY87
    Denominations/Multiple:    $2,000 / $1,000
    Joint Book-Running Managers:   

    BofA Securities, Inc.

    Goldman Sachs & Co. LLC

    J.P. Morgan Securities LLC

    Mizuho Securities USA LLC

    Wells Fargo Securities, LLC

    BBVA Securities Inc.

    BMO Capital Markets Corp.

    Citigroup Global Markets Inc.

    Citizens JMP Securities, LLC

    Truist Securities, Inc.

    Huntington Securities, Inc.

    PNC Capital Markets LLC

    Scotiabank Capital (USA) Inc.

    TD Securities (USA) LLC

    Co-Managers:   

    Fifth Third Securities, Inc.

    Regions Securities LLC

    Comerica Securities, Inc.

    Zions Direct, Inc.

     

    *

    Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time and each rating should be evaluated independently of any other rating.

    **

    It is expected that delivery of the Notes will be made to investors on or about May 19, 2025, which will be the fifth business day following the Trade Date (such settlement period being referred to as “T+5”). Under Rule 15c6-1 of the Exchange Act as currently in effect, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to one

     

    -2-


      business day before the Notes are delivered will be required, by virtue of the fact that the Notes initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade such Notes prior to their date of delivery hereunder should consult their advisors.

    Lennar Corporation and the Guarantors have filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that Lennar Corporation and the Guarantors have filed with the SEC, including the prospectus supplement, for more complete information about Lennar Corporation, the Guarantors and this offering. You may get these documents for free by visiting the SEC web site at www.sec.gov. Alternatively, Lennar Corporation, the Guarantors, or any underwriter or dealer participating in the offering will arrange to send you the prospectus and the accompanying prospectus supplement if you request it by calling BofA Securities, Inc. at 1-800-294-1322, Goldman Sachs & Co. LLC at 1-866-471-2526, J.P. Morgan Securities LLC at 1-212-834-4533, Mizuho Securities at 1-866-271-7403 and Wells Fargo Securities, LLC at 1-800-645-3751.

    Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such legends, disclaimer or other notices have been automatically generated as a result of this communication having been sent via Bloomberg or another email system.

     

    -3-

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