William Lyon again extends, amends tender for 7 5/8%, 10¾%, 7½% notes

By Jennifer Chiou

New York., May 22 - William Lyon Homes subsidiary William Lyon Homes, Inc. once more prolonged and amended its tender offer for its $127.9 million of outstanding 7 5/8% senior notes due 2012, $213.1 million of outstanding 10¾% senior notes due 2013 and $124.1 million of outstanding 7½% senior notes due 2014, according to a company news release.

The expiration is now 11:59 p.m. ET on June 5, pushed back from May 22 and, prior to that, May 7.

In addition, the offer will no longer be a Dutch auction tender.

For each $1,000 principal amount, the company said it will pay $280 for the 7 5/8% notes, $300 for the 10¾% notes and $280 for the 7½% notes.

The payout no longer includes a $10.00 early participation payment for notes tendered by the early participation date, which was 5 p.m. ET on April 24.

Noteholders will also receive accrued interest up to but excluding the purchase date.

Previously under the Dutch auction, the acceptable bid price range was $135 to $175 for the 7 5/8% notes, $155 to $195 for the 10¾% notes and $125 to $165 for the 7½% notes.

As of the close of business on May 21, $9.6 million of notes had been tendered. On May 7, $9.3 million had been tendered.

William Lyon announced the tender on April 13 and said the maximum total payment amount for the offer is $40 million.

The dealer manager is Moelis & Co. LLC (call Robert Crowley at 617 341-7101 or Robert Flachs at 310 443-2326). The information agent is Global Bondholder Services Corp. (866 736-2200).

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

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