William Lyon Homes said roughly $395.6 million of 8.5% senior notes due 2020 had been validly tendered in the cash tender offer and consent solicitation related to the notes as of the early tender deadline of Jan. 30 at 5 p.m. ET.
According to the company's information and tender agent, Global Bondholder Services Corp., the notes validly tendered represent 93.09% of the notes' outstanding principal amount.
The company's William Lyon Homes Inc. unit will pay the tendering holders $1,046.50 per $1,000 principal amount of the notes tendered. The total consideration includes an early tender premium of $30.00 for each $1,000 principal amount of the notes tendered.
Having received sufficient consents, the proposals to amend the indenture governing the 2020 notes to remove substantially all of the restrictive covenants and certain events of default and lower the required minimum notice period for optional note redemptions to two business days will take effect Jan. 31 upon the tendering holders' receipt of payment.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are the dealer managers for the tender offer and consent solicitation, which will expire at midnight ET on Feb. 13, unless extended or terminated earlier.