<PAGE> 1
Filed by Lennar Corporation
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: Lennar Corporation
Commission File No: 001-11749
On March 16, 2000, Lennar Corporation issued the following press release:
LENNAR ANNOUNCES $1.8 BILLION FINANCING COMMITMENT
--------------------------------------------------
MIAMI, March 16, 2000-Lennar Corporation (NYSE:LEN), one of the nation's
leading homebuilders, today announced that it has executed a commitment from
Bank One Capital Markets and Deutsche Banc Alex, Brown to provide a total of
$1.8 billion of financing in conection with Lennar's recently announced
agreement to acquire U.S. Home Corporation.
The financing includes a $1 billion revolving credit facility, a $300
million institutional Term Loan B and a $500 million bridge capital markets loan
commitment. This committed financing wil be used to refinance existing U.S. Home
and Lennar debt and for ongoing general corporate purposes.
Bruce Gross, Lennar's Chief Financial Officer, said, "We are very pleased
by the confidence shown by Bank One, our lead commercial bank, and Deutsche Banc
Alex, Brown, out lead investment bank, in providing this financing committment.
This strategic partnership facilitated the completion of the largest
inderwritten financing in the homebuilding industry."
Patt Schiewitz, Senior Vice President of Bank One, said, "Bank One is
excited to serve as lead arranger with Deutsche Banc Alex, Brown for this
extraordinary transaction which is a true industry landmark. We are confident
that Lennar's proven credibility and
<PAGE> 2
consistent performance, demonstrated throughout our twenty-five year
relationship, will make this trend-setting transaction appealing to the capital
markets. As current agent for the Lennar and U.S. Home revolving credit
facilities it's fair to say that the bank groups of both companies are very
excited about this blockbuster consolidation."
(more)
2-2-2
Richard Thaler, Managing Director of Deutsche Banc Alex. Brown, said "We
are delighted to have the opportunity to act as lead arranger with Bank One
Capital Markets on this historic financing. It represents yet another milestone
in the longstanding relationship between Lennar and Deutsche Banc Alex. Brown."
- ------------------------------------------------------------------------------
Detailed information about Lennar's acquisition of U.S. Home will be
contained in a Registration Statement filed with the Securities and Exchange
Commission and in a Joint Proxy Statement/Prospectus which will be included in
that Registration Statement. Other materials relating to that transaction will
be filed with the Securities and Exchange Commission. Investors are urged to
read the relevant documents filed with the Securities and Exchange Commission,
because they will contain important information.
Materials filed with the Securities and Exchange Commission will be
available electronically, without charge, at an Internet site maintained by the
Securities and Exchange Commission. The address of that site is
http://www.sec.gov. In addition, Lennar and U.S. Home will be sending the Joint
Proxy Statement/Prospectus to their stockholders and will make copies available
to others, without charge, upon request.
Certain statements contained in this press release may be "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of 1995.
Such statements involve risks, uncertainties and other factors that may cause
actual results to differ materially from those which are anticipated. Such
factors include, but are not limited to, changes in general economic conditions,
the market for homes generally and in areas where the Company has developments,
the availability and cost of land suitable for residential development,
materials prices, labor costs, interest rates, consumer confidence, competition,
environmental factors and government regulations affecting the Company's
operations. See the Company's Annual Report on Form 10-K for the year ended
November 30, 1999 for a further discussion of these and other risks and
uncertainties applicable to the Company's business.
- ------------------------------------------------------------------------------
