Lennar amends revolving credit facility, raising lender commitments to $3.795 billion

On October 26, 2026, Lennar entered into a tenth amended and restated credit agreement for its unsecured revolving credit facility, increasing the lenders' aggregate commitments to $3.795 billion. JPMorgan Chase Bank, N.A. is administrative agent, and Lennar is the borrower. Proceeds are available for working capital and general corporate purposes, including acquisitions.

Class A commitments of $3.545 billion now mature in November 2031, up from November 2029. The 0.10% credit spread adjustment on loans accruing interest by reference to SOFR was removed. Class B commitments of $225 million mature in May 2027, and a new $25 million Class C commitment matures in November 2029. Aggregate borrowing capacity under the facility rose from $3.500 billion to $4.545 billion, including a $750 million accordion feature subject to additional commitments.

Lennar said Class A loans accruing interest by reference to SOFR may carry a 0.10% applicable margin reduction if certain rating conditions with respect to Lennar are satisfied. Lennar said the commitment fee may be reduced by 0.025% if certain rating conditions with respect to Lennar are satisfied.

On October 26, 2026, Lennar also amended and restated its delayed draw term loan credit agreement dated May 14, 2025. Lenders extended a $40 million additional delayed draw term loan from the accordion feature, raising outstanding delayed draw term loans from $1.71 billion to $1.75 billion. The accordion amount available to be drawn fell from $400 million to $360 million.

The term loans mature in May 2028, subject to a one-time option for Lennar to extend the maturity to May 2029, subject to certain conditions. Once borrowed, amounts cannot be redrawn even if repaid. Certain wholly owned, primarily homebuilding subsidiaries guarantee Lennar's obligations under both agreements, which are dated October 26, 2026.