New Issue: William Lyon Homes prices $150 million five-year senior notes at par to yield 5¾%

By Paul A. Harris

Portland, Ore., March 26 - William Lyon Homes, Inc. priced a $150 million issue of five-year senior notes (B3/B-/) at par to yield 5¾% on Wednesday, according to a syndicate source.

The yield printed at the tight end of the 5¾% to 6% yield talk.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the joint bookrunners.

The Newport Beach, Calif.-based homebuilder plans to use the proceeds to fund the acquisition of a portfolio of California residential land assets.

Issuer:	William Lyon Homes, Inc.
Amount:	$150 million
Maturity:	April 15, 2019
Securities:	Senior notes
Bookrunners:	Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC
Co-managers:	Comerica Securities, Inc., Moelis & Co. LLC, Zelman Partners LLC
Coupon:	5¾%
Price:	Par
Yield:	5¾%
Spread:	401 bps
Price talk:	5¾% to 6%
First call:	April 15, 2016 at 104.313
Equity clawback:	35% at 105.75 until April 15, 2016
Change-of-control put:	101%
Trade date:	March 26
Settlement date:	March 31
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Marketing:	Roadshow

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