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William Lyon plans $350M senior note offering

Homebuilder William Lyon Homes plans to privately offer $350.0 million of senior notes due 2023 through its William Lyon Homes Inc. subsidiary.

Net proceeds from the offering, along with and cash on hand and a cash sum of $200.0 million from certain land banking arrangements, will go toward the company's roughly $460.0 million acquisition of fellow homebuilder RSI Communities LLC and three related real estate assets. They will also be used to repay the subsidiary's $150.0 million worth of 5.75% senior notes due 2019.

The acquisition is expected to close in the first quarter of fiscal year 2018, the company said in a release.