William Lyon Homes to price $50 million tack-on to 7% notes due 2022 in Thursday drive-by

By Paul A. Harris

Portland, Ore., Sept. 10 – William Lyon Homes, Inc. plans to price a $50 million tack-on to its 7% senior notes due Aug. 15, 2022 on Thursday afternoon, according to an informed source.

Credit Suisse Securities (USA) LLC is the bookrunner for the Rule 144A and Regulation S with registration rights offering.

The notes become callable after Aug. 15, 2017 at 103.5 and feature a 35% equity clawback at 107 until Aug. 15, 2017 and a 101% poison put.

The Newport Beach, Calif.-based homebuilder plans to use the proceeds to pay down a portion of its revolving credit facility.

The original $300 million issue priced at par in August 2014.

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