A subsidiary of WilliamLyon Homes amended its existing $130.0 million revolving creditfacility with a groupof lenders to provide for total lending commitments of $145.0 million.
William Lyon Homes Inc.'s amended facility also comes withan uncommitted accordion feature for up to a maximum $200.0 million, subject tocertain conditions and a sublimit of $50.0 million for letters of credit. Themaximum leverage ratio covenant was also amended for the extension of thetiming of gradual step-downs.
Subject to certain conditions, the facility's maturity datewas also extended to July 1, 2019, from Aug. 7, 2017, according to the filing.
The parent guarantees the facility, in which the proceedsare planned, to be used for working capital and other general corporatepurposes.
William Lyons entered into the July 1 agreement withadministrative agent Credit Suisse AG Cayman Islands Branch and the otherlenders, Comerica Bank, Citibank NA and JPMorgan Chase Bank NA.