REAL ESTATE : Presley Cos. Plan $200-Million Bond Offering as Part of Restructuring Plan

Looking to pay off its debts and increase its financial flexibility, Newport Beach home builder Presley Cos. filed Wednesday with the Securities and Exchange Commission to sell $200 million in bonds.

Under Presley’s capital restructuring plan, announced earlier, $95 million of debt will be converted into common stock. The company said it has also arranged a $150-million line of credit.

Brokerage Donaldson, Lufkin & Jenrette will underwrite the bond sale, along with Bear, Stearns & Co. and Lehman Brothers.

Presley, hard hit by the early ‘90s real estate slump and tripped up by its own aggressive land acquisition policy, appears to be bouncing back. The company reported a profit of $1.46 million for its latest quarter, contrasted with a $3.25-million loss for the same period last year.