UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
___________________________
FORM
8-K
___________________________
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
June
17, 2005
Date
of Report (Date of earliest event reported)
___________________________
LENNAR
CORPORATION
(Exact
name of registrant as specified in its charter)
|
Delaware
|
1-11749
|
95-4337490
|
|
(State
or other jurisdiction of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification
No.)
|
700
Northwest 107th
Avenue, Miami, Florida 33172
(Address
of principal executive offices) (Zip Code)
(305)
559-4000
(Registrant’s
telephone number, including area code)
___________________________
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
2.03. Creation
of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet
Arrangement of a Registrant.
On
June
17, 2005, Lennar Corporation entered into a Credit Agreement with JPMorgan
Chase
Bank, N.A., as administrative agent, and the lenders named in the Credit
Agreement, which is included as an exhibit to this Current Report on Form
8-K.
The description of the Credit Agreement provided below is qualified in its
entirety by reference to the full and complete terms contained in the Credit
Agreement. The
Credit Agreement replaced the Third Amended and Restated Credit Agreement,
dated
May 27, 2004, by and between Lennar Corporation, JPMorgan Chase Bank, certain
parties to the new Credit Agreement and certain other parties.
The
new
Credit Agreement is a senior unsecured credit facility that provides us with
up
to $1.7 billion of financing. This credit facility also provides us with
access
to an additional $500 million of financing through an accordion feature,
subject to additional commitments, for a maximum aggregate commitment under
the
facility of $2.2 billion.
Amounts
borrowed under the Credit Agreement are guaranteed on a joint and several
basis
by substantially all of our wholly-owned subsidiaries, other than finance
company subsidiaries (which include mortgage and title insurance
subsidiaries).
Interest
rates on outstanding borrowings are determined by reference to LIBOR, with
margins determined based on changes in our leverage ratio and credit ratings,
or
to an alternate base rate, as described in the Credit Agreement.
The
Credit Agreement expires in June 2010.
We
generally use amounts available under our credit
facility to meet short-term financing needs, including financing for land
acquisition and development activities, construction activities and general
operating needs.
Item
9.01. Financial Statements and Exhibits.
(c)
Exhibits.
The
following exhibit is furnished as part of this Current Report on Form 8-K.
| Exhibit
No. |
Description of
Document |
| 10.1 |
Credit
Agreement, dated June 17, 2005, by and among Lennar
Corporation, JPMorgan Chase Bank, N.A., as administrative
agent, and
the lenders named in the Credit
Agreement.
|
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:
June 23, 2005
| |
|
|
| |
LENNAR
CORPORATION |
|
|
|
| |
By: |
/s/ Waynewright
Malcolm |
| |
Name: |
Waynewright Malcolm |
| |
Title: |
Vice President and Treasurer |
| |
|
|
Exhibit
Index
| Exhibit
No. |
Description of
Document |
| 10.1 |
Credit
Agreement, dated June 17, 2005, by and among Lennar Corporation,
JPMorgan
Chase Bank, N.A., as administrative agent, and the lenders named
in the
Credit Agreement.
|