William Lyon Homes $200 million notes talked at 10¾% area, pricing late Wednesday

By Paul A. Harris

St. Louis, March 10 - Price talk of a yield in the 10¾% area emerged Wednesday on William Lyon Homes' upcoming sale of $200 million senior notes due 2013 (B3/B-), according to a syndicate source.

The deal is expected to price late Wednesday, the source added.

UBS Warburg is the bookrunner. Salomon Smith Barney is co-manager.

The registered notes are non-callable for five years and will contain an equity clawback.

Proceeds will be used to repay debt including $71 million of 12½% notes due 2003 originally issued by The Presley Cos.

The issuer is a Newport Beach, Calif. homebuilder.

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