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Homebuilding Senior Notes And Other Debts Payable
 12 Months Ended
Nov. 30, 2022
Debt Disclosure [Abstract]  
Homebuilding Senior Notes And Other Debts Payable Homebuilding Senior Notes and Other Debts Payable
November 30,
(Dollars in thousands)20222021
4.875% senior notes due December 2023
$399,169 398,345 
4.500% senior notes due 2024
648,975 648,253 
5.875% senior notes due 2024
434,128 438,810 
4.750% senior notes due 2025
498,892 498,446 
5.25% senior notes due 2026
404,257 405,497 
5.00% senior notes due 2027
351,741 352,124 
4.75% senior notes due 2027
896,259 895,510 
4.750% senior notes due 2022
— 573,840 
Mortgage notes on land and other debt413,873 441,513 
$4,047,294 4,652,338 
The carrying amounts of the senior notes in the table above are net of debt issuance costs of $7.6 million and $11.0 million, as of November 30, 2022 and 2021, respectively.
In August 2022, the Company redeemed early $575 million aggregate principal amount of its 4.750% senior notes due November 2022. The redemption price, which was paid in cash, was 100% of the principal amount plus accrued but unpaid interest.
In May 2022, the Company amended the credit agreement governing its unsecured revolving credit facility (the “Credit Facility") which increased the commitment from $2.5 billion to $2.6 billion and extended the maturity to May 2027, except for $350 million which matures in April 2024.The Credit Facility has a $425 million accordion feature, subject to additional commitments, thus the maximum borrowings are $3.0 billion. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. As of both November 30, 2022 and 2021, the Company had no outstanding borrowings under the Credit Facility. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at November 30, 2022. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.
Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at November 30, 2022, the Company had outstanding surety bonds including performance surety bonds related to site improvements at various projects (including certain projects of the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. The Company does not presently anticipate any draws upon these bonds or letters of credit, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows.
The Company's outstanding letters of credit and surety bonds are below:
November 30,
(In thousands)20222021
Performance letters of credit$1,259,033 924,584 
Financial letters of credit503,659 425,843 
Surety bonds4,136,715 3,553,047 
Anticipated future costs primarily for site improvements related to performance surety bonds2,273,694 1,690,861 
The terms of each of the Company's senior notes outstanding at November 30, 2022 were as follows:
Senior Notes Outstanding (1)Principal AmountNet Proceeds (2)PriceDate Issued
(Dollars in thousands)
4.875% senior notes due December 2023
$400,000 393,622 99.169 %November 2015
4.500% senior notes due 2024
650,000 644,838 100 %April 2017
5.875% senior notes due 2024
425,000 (3)(3)(3)
4.750% senior notes due 2025
500,000 495,528 100 %April 2015
5.25% senior notes due 2026
400,000 (3)(3)(3)
5.00% senior notes due 2027
350,000 (3)(3)(3)
4.75% senior notes due 2027
900,000 894,650 100 %November 2017
(1)Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries.
(2)The Company generally has historically used the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes.
(3)These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of the Company. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018).
    All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily the Company's homebuilding subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will have its guarantee suspended at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company) other than senior notes, and (ii) a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of.
At November 30, 2022, the Company had mortgage notes on land and other debt due at various dates through 2036 bearing interest at rates up to 8.0% with an average interest rate of 4.3%. At November 30, 2022 and 2021, the carrying amount of the mortgage notes on land and other debt was $413.9 million and $441.5 million, respectively. During the years ended November 30, 2022 and 2021, the Company retired $48.1 million and $195.2 million, respectively, of mortgage notes on land and other debt.
The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2022 and thereafter are as follows:
(In thousands)Debt Maturities
2023$223,130 
20241,537,367 
2025566,124 
2026404,486 
20271,265,349 
Thereafter42,415 
The Company expects to pay its near-term maturities as they come due through cash generated from operations, the issuance of additional debt or equity offerings as well as borrowings under the Company's Credit Facility.