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William Lyon Homes tenders, solicits consents for 12% senior notes
By Marisa Wong
Madison, Wis., Oct. 25 - William Lyon Homes, Inc. announced a cash tender offer and consent solicitation for any and all of its outstanding 12% senior subordinated secured notes due 2017. As of Oct. 25, the beginning of the offer, there was $75.9 million principal amount of the notes outstanding.
Holders tendering their notes will be required to consent to certain proposed amendments to the indenture governing the notes and to the release of liens on collateral securing the notes.
The tender offer is scheduled to expire at 11:59 p.m. ET on Nov. 23.
Holders who tender their notes by 5 p.m. ET on Nov. 7, the consent date, will receive a total consideration of $1,005 per $1,000 principal amount of notes. The total consideration includes a cash consent payment of $30 per note.
Holders who tender their notes after the consent date will not be eligible to receive the consent payment but will receive a tender consideration of $975 per $1,000 of notes.
The company said it will also pay accrued interest up to, but not including, the settlement date.
The initial settlement is expected to occur promptly after the consent date and after all conditions have been satisfied, on or around Nov. 8. The final settlement date is expected to be Nov. 26.
Tendered notes may be withdrawn at any time prior to the consent date.
The tender offer is conditioned upon the receipt of tenders and consents for 66 2/3% principal amount of the notes and completion of a notes issuance resulting in proceeds of at least $300 million.
Credit Suisse Securities (USA) LLC (212 538-7249 or 800 820-1653) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 967-4604 or 212 269-5550) is the information agent.
William Lyon is a Newport Beach, Calif.-based homebuilder.
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