MIAMI, June 25, 2014 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced today that it increased its unsecured revolving credit facility from $950 million to $1.5 billion and extended the credit facility's maturity to June 2018. The $1.5 billion includes a $263 million accordion feature, subject to additional commitments. Bruce Gross, Lennar's Vice President and Chief Financial Officer, said, "We are pleased with the increase in our revolver which will provide greater financial flexibility and additional liquidity to fund our strategic growth plans and our working capital needs, while reducing the Company's overall borrowing costs. We appreciate the strong support that we received in this transaction from our lenders and the confidence they have in our business." Amounts borrowed under the credit facility accrue interest at alternative rates based on leverage, the range of which is the Eurodollar Rate plus a margin equal to 1.75% to 2.25%.