U.S. homebuilder William Lyon Homes Inc. is proposing to issue an aggregate of $300 million of senior unsecured notes, including $250 million of senior notes due 2022 being offered through its wholly owned subsidiary, WLH PNW Finance Corp., and an additional $50 million of its existing 5.75% senior notes due 2019 through its wholly owned subsidiary, William Lyon Homes Inc. The company will use proceeds from the unsecured note issuance to fund a portion of the recently announced acquisition of the residential homebuilding operations of Polygon Northwest Co. LLC for about $520 million. We are assigning our 'B-' issue rating to the company's $250 million of senior notes due 2022. We are affirming our 'B-' corporate credit and issue-level ratings
