William Lyon Homes restates credit agreement for $145 million revolver

By Tali Rackner

Norfolk, Va., July 7 – William Lyon Homes, Inc. entered into an amendment and restatement agreement to its credit agreement on July 1 with Credit Suisse AG, as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The second amended facility provides for total lending commitments of $145 million and amends and restates the company’s previous $130 million revolving credit facility.

The facility contains a $50 million sublimit for letters of credit. There is also an accordion feature under which the commitments may be increased up to a total of $200 million.

Maturity was extended to July 1, 2019.

Interest is equal to Libor plus 250 basis points to 300 bps, depending on leverage. The commitment fee ranges from 37.5 bps to 50 bps, also based on leverage. The initial rate is Libor plus 300 bps with a fee of 50 bps.

In addition, the second amended facility adjusts the maximum leverage ratio covenant to extend the timing of the gradual step-downs.

Credit Suisse Securities (USA) LLC was the bookrunner and lead arranger.

William Lyon Homes is a Newport Beach, Calif.-based homebuilder.

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