Lennar announced late Friday that it has agreed to sell $435 million of convertible senior notes. The notes, due in 2020, carry a 2.75 % interest rate. Earlier Friday it had announced the intent to sell notes with the principal amount of $350 million.

The Miami-based company said it plans to use the proceeds from the note sales for general corporate purposes that may include, paying off other debts, investing in portfolios of distressed debt including mortgages, or buying land to build homes on.

According to the news release, the notes were sold to initial purchasers who then resold them to qualified institutional buyers in transactions that are exempt from SEC registration requirements.

The notes can be converted into cash shares and/or Lennar's Class A common stock at Lennar's election at a conversion rate of 45.1794 shares of stock for every $1,000 in note principal, $22.14 a share. The conversion price is 40% above the $15.81 a share closing price on Nov.4.

Note holders will have the right to require Lennar repurchase them for cash equal to their principal investment plus accrued unpaid interest on Dec 15, 2015. Lennar will have the right to redeem the notes at any time after Dec. 20, 2015 for 100 percent of principal plus accrued but unpaid interest.