William Lyon Homes amends loan, extending maturity, changing pricing

By Sara Rosenberg

New York, July 10 - William Lyon Homes Inc. amended its credit facility, extending the maturity date to May 12, 2009 from May 14, 2008, revising pricing and reducing the maximum commitment to $25 million from $30 million, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Pricing on the facility can now range from Libor plus 300 basis points to 400 bps depending on the amount of compensating balances.

Under the amended facility, the company must meet a ratio of total liabilities to tangible net worth of less than 5.00 to 1 through June 30, 2009, decreasing to 3.25 to 1 effective July 1, 2009.

Wachovia is the lead bank on the deal.

The amendment was completed on July 3.

William Lyons is a Newport Beach, Calif., single-family homebuilder.

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