Lennar Increases Unsecured Revolving Credit Facility to $2.2 Billion

MIAMI, Jan. 23 /PRNewswire-FirstCall/ -- Lennar Corporation , one of the nation's largest homebuilders, announced that the Company has increased its senior unsecured revolving credit facility to $2.2 billion through the exercise of the remaining $460 million under the accordion feature of the existing facility. The revolving credit facility, including the $1 billion letter of credit sub-facility, will mature in June 2010.

JP Morgan Chase, 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, Citicorp North America, Inc., The Royal Bank of Scotland, SunTrust Bank and Wachovia Bank are Documentation Agents. A total of 40 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. The facility's increased size further enhances our strong balance sheet and supports continued growth."

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" included in our Annual Report on Form 10-K, as amended on Form 10-K/A, for our fiscal year ended November 30, 2004, and in our other filings with the Securities and Exchange Commission. We do not undertake any obligation to update forward-looking statements.

FCMN Contact: david.collins@lennar.com