William Lyon starts roadshow for $300 million notes via Credit Suisse

By Paul A. Harris

Portland, Ore., Oct. 25 - William Lyon Homes, Inc. began a roadshow on Thursday for a $300 million offering of eight-year senior notes, according to an informed source.

The deal is set to price during the middle part of the week ahead.

Credit Suisse Securities (USA) LLC is the bookrunner for the Rule 144A with registration rights sale.

The notes become callable in three years at par plus 75% of the coupon. They feature a three-year 35% equity clawback and a 101% poison put.

The Newport Beach, Calif.-based homebuilder plans to use the proceeds, along with cash on hand, to refinance its $235 million senior secured term loan due 2015, purchase or otherwise redeem its 12% senior subordinated secured notes due 2017 and refinance $11 million of project-related debt.

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