Lower line bike boom. From the mid-70s thru early 80s bikes like this were pretty common. LBS sold dozens of them for every high line model. Their primary function was to compete with Schwinn "Varsinentals" and compared to the Schwinns they were indeed "lightweight."
Good solid bike. Not a fan of stem shifters or "safety" levers but the levers can be removed and barcons are readily available. You've already got alloy rims/bars so you'll end up with a bike comparable to my Motobecane Nomade which I bought in 1977. I'm sure I put more miles on that bike than I have on probably all the other (more expensive and lighter) bikes I've owned since.
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“Life is not one damned thing after another. Life is one damned thing over and over.”
Edna St. Vincent Millay