Correction: William Lyon first call premium is par plus 50% of coupon

Portland, Ore., Nov. 2 - The first call premium of the William Lyon Homes, Inc. eight-year senior notes (Caa2/B-) will be par plus 50% of the coupon. The call was incorrectly reported by Prospect News.

The $300 million offering was talked on Thursday with a yield in the 8½% area, and a structural change was announced, extending call protection to four years from three years.

Credit Suisse Securities (USA) LLC is the bookrunner for the Rule 144A with registration rights sale.

The Newport Beach, Calif.-based homebuilder plans to use the proceeds, along with cash on hand, to refinance its $235 million senior secured term loan due 2015, to purchase or otherwise redeem its 12% senior subordinated secured notes due 2017 and to refinance $11 million of project-related debt.

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