Moody’s rates William Lyon notes B2

Moody's Investors Service said it assigned a B2 rating to William Lyon Homes, Inc.'s proposed $300 million of senior notes due 2027.

All other ratings for the company are unchanged.

The outlook is stable.

The proceeds from the proposed notes will be used to redeem $300 million of Lyon's existing $350 million 7% senior notes due 2022.

“The transaction is modestly credit positive as it extends the company's debt maturity profile,” the agency said in a news release.

“Also, while the note offering is immediately debt-neutral, the company's plan to retire the remainder of its 2022 notes with balance sheet cash by year end will contribute to modest deleveraging.”

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