MIAMI-Locally based Lennar Corp. has increased its senior unsecured revolving credit facility, on which $430 million remains, to $2.2 billion. The facility includes a $1-billion letter of credit sub-facility, and the entire facility matures in June 2010.

"We took advantage of the opportunity to utilize the accordion feature of our existing facility under which the lenders were previously committed to provide up to $2.2 billion," Al Farrell, assistant treasurer, tells GlobeSt.com. "The purpose is to provide growth funding, only that and nothing more. We've been growing very rapidly."

On Dec. 16, during a fourth-quarter conference call, Stuart Miller, president and CEO of the locally based builder of residential communities, reported a record-breaking full fiscal year for 2005 and said the company entered fiscal 2006 with a "record-level $6.9-billion backlog." Consequently, he predicted another record-breaking year, despite "signs nationally of a more normal level of activity with regards to sales pace and price appreciation." Miller attributed the optimistic forecast to Lennar's access to home sites in land-constrained markets," with gives the company "a competitive advantage." Miller did not disclose the areas in which it would be most active this year, and Farrell also declined to point to any specific areas of growth.

JP Morgan Chase is the joint lead arranger and administrative agent of the credit facility, and Deutsche Bank Trust Co Americas is the joint lead arranger and syndication agent. Bank of America, Barclays Bank PLC, Calyon New York Branch, Citicorp of America, Royal Bank of Scotland, SunTrust Bank and Wachovia Bank are documentation agents. A total of 40 lenders participate in the facility.