William Lyon Homes receives final approval for $30 million DIP loan

By Caroline Salls

Pittsburgh, Jan. 10 - William Lyon Homes obtained final court approval to obtain $30 million of debtor-in-possession financing, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

ColFin WLH Funding, LLC is the DIP loan agent

As previously reported, the DIP credit facility carries interest of Libor plus 800 basis points with a 2% Libor floor.

The facility will mature on the earliest of 180 days from entry of the interim order, the completion of a sale of substantially all company assets, the effective date of a plan of reorganization and acceleration of the DIP loans.

William Lyon Homes will pay a 2.5% front-end fee and a 0.50% exit fee.

The Newport Beach, Calif.-based company designs, constructs and sells single family detached and attached homes in California, Arizona and Nevada. The company filed for bankruptcy on Dec. 19, and the Chapter 11 case number is 11-14019.

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