The history of our Company is amazing. Lennar began in 1954, as F&R Builders, co-founded by Gene Fisher and Arnold Rosen. In 1956 Leonard Miller joined F&R by investing $10,000 and replacing Gene as Arnold’s partner. Through Leonard’s guidance and Arnold’s attention to construction, our hallmark traits of Quality, Value and Integrity were born. In 1970 we became a public Company under the corporate banner of Lennar, a combination of Leonard and Arnold’s names.
Through the years, Lennar has grown to a disciplined and spirited team of Associates who have fine-tuned the art of identifying and capturing opportunities to grow and become an even better Company. The result is a long proven track record of strategically timed and impeccably executed expansions into new markets. As a result, Lennar now builds homes in some of the most desirable cities and states to live in all across America, and has now become one of the most respected homebuilders in the nation.
Lennar Corporation, founded in 1954, is headquartered in Miami, Florida and is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and retirement homes in Communities that cater to almost any lifestyle – such as urban, golf course, Active Adult or suburban Communities.
The Lennar Family of Builders is proud to provide our associates a comprehensive and competitive benefits program. The following is a brief overview of benefits available to full-time regular associates of Lennar Corporation and its subsidiaries.
- Vacation Days
- Personal Holidays
- Paid Holidays
- Sick Leave
- Bereavement Leave
- Service Awards
- Bank of America At Work
- Home and Auto Insurance
- Home Purchase Policy
- Mortgage and Title Benefits
- GE Appliance Discount
- Direct Deposit for Payroll
- Wage and Employment Verifications
- Retirement Plan (401(k) Plan)
- Insurance Benefits
- Health Insurance
- Dental Insurance
- Vision Insurance
- Short-Term Disability Insurance
- Long-Term Disability Insurance
- Associate Life Insurance
- Spouse Life Insurance
- Child Life Insurance
- Accidental Death & Dismemberment Insurance
- Associate Assistance Program
- Health and Dependent Care Spending Accounts
- Long Term Care
Lennar Increases Its Unsecured Revolving Credit Facility from $2.2 Billion to $2.7 Billion
MIAMI, July 24 /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced that the Company has entered into a new unsecured revolving credit facility that provides the Company with $2.7 billion of financing. The 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 availability under the facility of $3.2 billion. The credit facility will replace the Company's existing $2.2 billion credit facility and will mature in July 2011.
JPMorgan Chase Bank, N.A. is the Joint Lead Arranger and Administrative Agent, Deutsche Bank Trust Company Americas is the Joint Lead Arranger and Syndication Agent and Bank of America, N.A., Barclays Bank PLC, Calyon New York Branch, The Royal Bank of Scotland and Wachovia Bank, National Association are Documentation Agents. A total of 46 lenders participate in the facility.
Bruce Gross, Lennar's Vice President and Chief Financial Officer, said, "We appreciate the continued commitment from our long-term banking partners and we welcome the nine new banks that have joined the group. Our strategic growth plan begins and ends with a strong balance sheet as Lennar remains a balance sheet-first focused company. This increase in capital provides continued liquidity for the Company's current working capital needs and future growth opportunities."
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar and U.S. Home brand names. Lennar's Financial Services Division provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, http://www.lennar.com.
Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described under the caption "Risk Factors Relating to Our Business" in Item 1A of our Annual Report on Form 10-K for our fiscal year ended November 30, 2005. We do not undertake any obligation to update forward-looking statements.
At Lennar, we set the highest standards for caring for our Customers, Associates, Shareholders and our Community. Our commitment to Quality, Value and Integrity is the underlying foundation upon which we were built, and this commitment continues to guide us to this day. Our Lennar Associates are committed to always doing the right thing for the right reason, and approaching each day with the highest of Integrity.
Our Lennar Associates are committed to being innovators in the homebuilding industry, and are constantly focused on improving the Quality of our homes. And our Lennar Associates are committed to delivering the best possible home Value to each of our Customers.
At Lennar, we believe in what we do because fundamentally, our business is about dreams – the dreams of our Customers, Associates and Shareholders. We care about those dreams because our reputation is built on them.
With more than half a century of experience behind us, we look forward to the future with the same focus on Quality, Value and Integrity that has been in place at Lennar since the inception of our Company in 1954. With this focus, we will continue to grow and evolve into an even better Company, and continue to make the dream of owning a home a reality for our Customers, every day.
The foundation of our Lennar Culture is to have fun in all that we do while at the same time achieving our goals and objectives. At Lennar, we create opportunities to open channels of communication that bring our Associates together to work as a team and support, inspire and cheer the successes of one another.
Whether it’s through our Z-Values, at our Wow for Now gatherings, Book Reading meetings or through Lennar Success University and the special language that we use – we are creating special moments that bring our Lennar Family together. Regardless of where we are located, we are bound together as one Company by a strong Culture that is a source of warmth and pride to all of us.
To an outsider looking in, Lennar may seem like a strange environment with some unusual traditions – such as wearing Name Badges and reciting poems. Those of us at Lennar know that environment is full of spirit, enthusiasm, passion and vitality – an environment that makes our Company a very special place to work.