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Moody’s gives B2 to William Lyon notes
Moody's Investors Service said it assigned a B2 rating to the proposed new $350 million of five-year senior unsecured notes of William Lyon Homes, Inc.
At the same time, the agency affirmed Lyon's corporate family rating of B2, probability of default rating of B2-PD, the B2 rating on its existing senior unsecured notes and the SGL-2 speculative grade liquidity rating.
The outlook is stable.
According to the company, $200 million of the proceeds will be used to help finance the recently announced $460 million acquisition of RSI Communities, with the balance used to refinance the company's existing 5¾% senior unsecured notes due 2019.
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