MIAMI (AP) — Real estate development company Lennar Corp. plans to offer $300 million in convertible senior notes due in 2021.
Lennar said Tuesday it will use proceeds from the notes for general corporate purposes, possibly including land purchases or paying down debt.
The notes will be sold in a private offering. Initial buyers are expected to have the option to buy up to $45 million more in convertible senior notes to cover over-allotments.
The notes will offer semi-annual interest payments and will be convertible into Lennar's Class A common stock. The notes will mature Nov. 15, 2021 unless they are converted, redeemed or repurchased before that date.
Lennar shares fell 23 cents to close at $17.09.