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Our company's story is remarkable. In 1954, Lennar began as F&R Builders, co-founded by Gene Fisher and Arnold Rosen. Leonard's leadership and Arnold's focus on building gave birth to our hallmarks of quality, value and integrity. We became a corporation in 1970 under the company name Lennar, a mixture of Leonard and Arnold's name.
Over the years, Lennar has evolved into a highly talented and talented staff that has refined the skills of identification and exploitation of growth potential. Consequently, Lennar now constructs houses in some of the most coveted towns and states where you can reside throughout America, and has now become one of the nation's most prestigious home builders.
The Lennar Corporation, established in 1954, has its headquarters in Miami, Florida and is one of the world' s premier manufacturers of premium houses for all ages. Living in Lennar is an economical, catch-up and senior residences community that can accommodate almost any life style - whether municipal, club, golf course, adult or community.
MIAMI, July 24 /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN and LEN. B), one of the nation's premier developers, today announces that the Company has completed a new uncovered $2.7 billion syndicated revolving line of credit. Due to the new agreement, the Company will be able to raise $2.7 billion in funding from the company. Loan facilities will also provide the Company a further $500 million in accrued interest funding through an accumulator function, contingent upon further obligations, for a total maximal available amount under the facilities of $3.2 billion.
This line of credit replaces the company's current $2.2 billion line of credit and will expire in July 2011. Joint Lead Arranger und Verwaltungsagent, Deutsche Bank Trust Company Americas ist der Joint Lead Arranger und Syndication Agent und Bank of America, N.A., Barclays Bank PLC, Calyon New York Branch, The Royal Bank of Scotland und Wachovia Bank, National Association sind Dokumentationsstellen.
Altogether 46 creditors are participating in the scheme. Lennar's strategy for expansion begins and ends with a solid financial statement, as it continues to be a financial institution. "Lennar Corporation, established in 1954, is one of the world' s premier owners of premium houses for all ages. Lennar is building affordably priced, up-and-coming and senior residences primarily under the Lennar and U.S. Home brands.
Lennar's Financial Business provides primarily mortgage finance, security assurance and closure service to homeowners and others. Earlier news and further information about the Company can be found in the Investor Relations section of the Company's website, http://www.lennar.com. Certain forward-looking information contained in this news release is " "forward-looking statements"" as those forward-looking information is identified in the Private Securities Litigation Reform Act of 1995.
Future-oriented forward-looking information can be identified by the fact that these forward-looking information does not exclusively refer to historic or actual occurrences. Rather, forward-looking forward-looking information refers to future or future occurrences, activity, trends or results. Since forward-looking forward-looking information relates to circumstances that have not yet arisen, these forward-looking information is naturally exposed to risk and uncertainty.
There are many risks and uncertainties that could cause our future results, performance or achievements to differ materially from those expressed or implied by such forward-looking statement. There is no undertaking on our part to revise forward-looking information. Lennar sets the highest standard for serving our customers, employees, shareholders and community. Quality, value and integrity are the foundations on which we have been build, and this dedication guides us to this time.
Lennar Associates strive to always do the right thing for the right reasons and to come every single working day with the highest integrity. Lennar Associates strive to be innovative in the housing sector and are continually focusing on enhancing the quality of our houses. Lennar Associates are dedicated to providing each of our clients with the best possible home value.
Lennar believes in what we do because our businesses are all about dreaming - the dreaming of our customers, employees and shareholders. Backed by more than half a Century of expertise, we look forward to the bright sun with the same emphasis on quality, value and integrity as Lennar has had since our company was founded in 1954.
It is with this in mind that we will keep on growing and developing into an even better company, making the home of our dreams a daily occurrence for our clients. Lennar Family of Builders prides itself on providing our employees with a complete and highly professional service programme. Below is a brief summary of the services available to full-time Lennar Corporation and subsidiary employees.