William Lyon Homes Announces Pricing of Offering of 6.00% Senior Notes Due 2023
March 06 2018 - 8:25PM
Business Wire
William Lyon Homes (NYSE: WLH) (the “Company”) today announced
that it has priced a private offering of $350.0 million in
aggregate principal amount of 6.00% senior notes due September 1,
2023 (the “2023 notes”) through its wholly owned subsidiary,
William Lyon Homes, Inc. (“California Lyon”). The Company expects
to close this offering on March 9, 2018, subject to the
satisfaction of customary closing conditions.
The Company intends to use the net proceeds from this offering
(i) together with approximately $200.0 million in cash generated
from certain land banking arrangements, and cash on hand, to
finance its previously announced acquisition of RSI Communities LLC
and three additional related real estate assets (the “RSI
Acquisition”) and to pay related fees and expenses and (ii) to
repay all of California Lyon’s $150.0 million in aggregate
principal amount of 5.75% Senior Notes due 2019. The RSI
Acquisition is expected to close in the first quarter of fiscal
year 2018, subject to the satisfaction of certain closing
conditions.
The 2023 notes are being offered and sold to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the Securities Act and outside the United States in
compliance with Regulation S under the Securities Act. The 2023
notes have not been registered under the Securities Act or the
securities laws of any other jurisdiction and may not be offered or
sold in the United States absent registration or an applicable
exemption from such registration requirements.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the 2023 notes or any other
securities and shall not constitute an offer or a solicitation of
an offer to buy, or a sale of, the 2023 notes or any other
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state or any
jurisdiction. Any offer, if at all, will be made only pursuant to
Rule 144A under the Securities Act.
Forward-Looking Statements
Statements contained in this release that state the Company’s or
management’s intentions, expectations or predictions of the future
are forward-looking statements. Specifically, the Company cannot
assure you that the proposed offering of the 2023 notes, the
closing of the RSI Acquisition or the repayment of the 5.75% Senior
Notes due 2019, each as described above, will be consummated on the
terms currently contemplated, if at all. The forward-looking
statements involve risks and uncertainties and actual results may
differ materially from those projected or implied. Additional
information concerning factors that could cause actual results to
differ materially is contained from time to time in the Company’s
filings with the Securities and Exchange Commission, including, but
not limited to, the Company’s annual report on Form 10-K for the
year ended December 31, 2017. The Company disclaims any intention
or obligation to revise any forward-looking statements, including
financial estimates, whether as a result of new information, future
events or otherwise.
About William Lyon Homes
William Lyon Homes is one of the largest Western U.S. regional
homebuilders. Headquartered in Newport Beach, California, the
Company is primarily engaged in the design, construction, marketing
and sale of single-family detached and attached homes in
California, Arizona, Nevada, Colorado, Washington and Oregon. Its
core markets include Orange County, Los Angeles, the Inland Empire,
the San Francisco Bay Area, Phoenix, Las Vegas, Denver, Portland
and Seattle. The Company has a distinguished legacy of more than 60
years of homebuilding operations, over which time it has sold in
excess of 102,000 homes. The Company markets and sells its homes
under the William Lyon Homes brand in all of its markets except for
Washington and Oregon, where the Company operates under the Polygon
Northwest brand.
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Investor/Media Contacts:Financial Profiles, Inc.Larry
Clark, (310) 622-8223WLH@finprofiles.com
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