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LENNAR ARRANGES NEW UNSECURED CREDIT FACILITY

 LENNAR ARRANGES NEW UNSECURED CREDIT FACILITY
 MIAMI, Jan. 22 /PRNewswire/ -- Lennar Corporation (NYSE: LEN),


Florida's largest homebuilder and one of the nation's leading residential builders, has concluded a $68 million unsecured credit agreement, announced Allan J. Pekor, financial vice president.
 Pekor said the five-year financing has been provided by a banking group led by The First National Bank of Chicago.
 "In today's tough economic climate, financial institutions are willing to do business only with the strongest and most stable companies," said Leonard Miller, Lennar chairman and president.
 "Lennar's conservative fiscal management and longstanding corporate strategy of planning for down cycles have produced a strong balance sheet and strong earnings performance. We are pleased by this vote of confidence from our lenders at a time when many other companies are having difficulty obtaining any type of real estate financing," he added. "Our debt-to-equity ratio remains one of the best in our industry."
 Miller said the new resources will be used to pursue expansion opportunities and for working capital. Lennar recently launched homebuilding activities in the Dallas/Fort Worth area and, with land prices presently at attractive lows, the company is poised to take advantage of acquisition opportunities in its Sunbelt locations, he said. Lennar currently has approximately 100 communities under development throughout Florida, Arizona and Texas.
 -0- 1/22/92
 /CONTACT: Allan J. Pekor, financial vice president of Lennar Corporation, 305-559-4000/
 (LEN) CO: Lennar Corporation ST: Florida IN: CST SU:


SS-AW -- FL003 -- 2122 01/22/92 09:35 EST
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Publication:PR Newswire
Date:Jan 22, 1992
Words:248
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