Underwriter Exercises Over-Allotment Option On Lennar's Convertible Subordinated Notes

Apr 27, 2001, 01:00 ET from Lennar Corporation

    MIAMI, April 27 /PRNewswire/ -- Lennar Corporation (NYSE:   LEN) announced
 today that Salomon Smith Barney, the underwriter of Lennar's recently
 completed sale of Zero Coupon Convertible Senior Subordinated Notes due 2021,
 has exercised its over-allotment option to purchase $82.5 million principal
 amount at maturity of additional Notes.  The original sale of Notes and the
 underwriter's exercise of its over-allotment option results in a total of
 $230 million of gross proceeds received by Lennar for $633 million principal
 amount at maturity.
     Lennar Corporation, founded in 1954, is headquartered in Miami, Florida.
 The Company has homebuilding operations in 13 states and is one of the
 nation's leading builders of quality homes for all generations, building
 affordable, move-up and retirement homes.  Under the Lennar Family of Builders
 banner, the Company includes the following brand names:  Lennar Homes, U.S.
 Home, Greystone, Village Builders, Renaissance, Orrin Thompson, Lundgren
 Bros., Winncrest and Rutenberg Homes.  The Company's active adult and retiree
 communities are primarily marketed under the Heritage and Greenbriar brand
 names.  Lennar's Financial Services Division provides residential mortgage
 services, title and closing services, and its Strategic Technologies Division
 provides high-speed Internet access, cable television and home monitoring
 services for both Lennar homebuyers and other customers.
     Certain statements contained in this press release may be "forward-looking
 statements" as defined in the Private Securities Litigation Reform Act of
 1995.  By their nature, forward-looking statements involve risks,
 uncertainties and other factors that may cause actual results to differ
 materially from those which are anticipated.  With regard to the Company,
 these 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, 2000 for a further discussion of these
 and other risks and uncertainties applicable to the Company's business.
     Previous press releases may be obtained at www.lennar.com or by fax by
 calling 1-800-758-5804 and entering extension number 507038.
 
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SOURCE Lennar Corporation
    MIAMI, April 27 /PRNewswire/ -- Lennar Corporation (NYSE:   LEN) announced
 today that Salomon Smith Barney, the underwriter of Lennar's recently
 completed sale of Zero Coupon Convertible Senior Subordinated Notes due 2021,
 has exercised its over-allotment option to purchase $82.5 million principal
 amount at maturity of additional Notes.  The original sale of Notes and the
 underwriter's exercise of its over-allotment option results in a total of
 $230 million of gross proceeds received by Lennar for $633 million principal
 amount at maturity.
     Lennar Corporation, founded in 1954, is headquartered in Miami, Florida.
 The Company has homebuilding operations in 13 states and is one of the
 nation's leading builders of quality homes for all generations, building
 affordable, move-up and retirement homes.  Under the Lennar Family of Builders
 banner, the Company includes the following brand names:  Lennar Homes, U.S.
 Home, Greystone, Village Builders, Renaissance, Orrin Thompson, Lundgren
 Bros., Winncrest and Rutenberg Homes.  The Company's active adult and retiree
 communities are primarily marketed under the Heritage and Greenbriar brand
 names.  Lennar's Financial Services Division provides residential mortgage
 services, title and closing services, and its Strategic Technologies Division
 provides high-speed Internet access, cable television and home monitoring
 services for both Lennar homebuyers and other customers.
     Certain statements contained in this press release may be "forward-looking
 statements" as defined in the Private Securities Litigation Reform Act of
 1995.  By their nature, forward-looking statements involve risks,
 uncertainties and other factors that may cause actual results to differ
 materially from those which are anticipated.  With regard to the Company,
 these 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, 2000 for a further discussion of these
 and other risks and uncertainties applicable to the Company's business.
     Previous press releases may be obtained at www.lennar.com or by fax by
 calling 1-800-758-5804 and entering extension number 507038.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X14881662
 
 SOURCE  Lennar Corporation