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
July
21, 2006
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
July
21, 2006, 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 replaces the Company's prior credit agreement,
dated June 17, 2005, by and among Lennar Corporation, JPMorgan Chase Bank,
certain parties to the new Credit Agreement and certain other
parties.
The Credit
Agreement is a senior unsecured revolving credit facility that provides the
Company with up to $2.7 billion of financing. This credit facility also
provides the Company 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 $3.2 billion. The Credit
Agreement expires in July 2011.
Amounts
borrowed under the Credit Agreement are guaranteed on a joint and several
basis
by substantially all of the Company's wholly-owned subsidiaries, other
than finance company subsidiaries (which include mortgage and title insurance
subsidiaries). A form of the guaranty is included as Exhibit E to the Credit
Agreement.
Interest
rates on outstanding borrowings are determined by reference to LIBOR, with
margins determined based on changes in the Company's credit ratings,
or to an alternate base rate, as described in the Credit Agreement.
The
Company generally uses amounts available
under the credit facility as a back stop to its commercial paper
program and also to meet short-term financing needs, including financing
for
land acquisition and development activities, construction activities and
general
operating needs.
On
July 24, 2006, the Company issued a press release to
announce its entering into the Credit Agreement. A copy of the press release
is
filed as Exhibit 99.1 to this Current Report on Form 8-K.
Item
9.01. Financial Statements and Exhibits.
(c)
Exhibits.
The
following exhibits are furnished as part of this Current Report on Form
8-K.
| Exhibit
No. |
Description of
Document |
| 10.1 |
Credit
Agreement, dated July 21, 2006, by and among Lennar
Corporation, JPMorgan Chase Bank, N.A., as administrative agent, and
the lenders named in the Credit
Agreement.
|
| 99.1 |
Press release issued by Lennar
Corporation on
July 24, 2006. |
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:
July 25, 2006
| |
|
|
| |
LENNAR
CORPORATION |
|
|
|
| |
By: |
/s/ Bruce
E. Gross |
| |
Name: |
Bruce E. Gross |
| |
Title: |
Vice President and Chief Financial Officer |
| |
|
|
Exhibit
Index
| Exhibit
No. |
Description of
Document |
| 10.1 |
Credit
Agreement, dated July 21, 2006, by and among Lennar Corporation,
JPMorgan
Chase Bank, N.A., as administrative agent, and the lenders named
in the
Credit Agreement.
|
| 99.1 |
Press release issued by Lennar
Corporation on
July 24, 2006. |