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William Lyon Homes secures up to $325M revolver

William Lyon Homes and its wholly owned unit obtained an unsecured revolving credit facility of up to $325.0 million.

The new facility will mature May 21, 2021, and has a conditional, uncommitted accordion feature under which the aggregate amount can be expanded to up to $500.0 million, as well as a sublimit of $50.0 million for letters of credit.

The homebuilder used part of the proceeds to refinance an existing $170 million facility, with the remaining funds earmarked for ongoing working capital needs, among other general corporate purposes.

JPMorgan Chase Bank NA is a lender and will be the administrative agent for the facility.