Lennar Corp said it would terminate its $1.1 billion senior unsecured revolving credit facility, following similar moves by other big homebuilders in a sign of industry optimism. The company, one of the top three U.S. homebuilders, said on Monday that it was using the facility to issue letters of credit. It expects to save $8 million annually by entering into two cash-collateralized letter of credit agreements, with a capacity of $225 million. “They (Lennar) have enough cash to make it through, so it’s time to lose the restraints of their credit agreements,” said corporate bond analyst Vicki Bryan of Gimme Credit. [Read this article]
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