Ryland gets new $500 million revolver

By Sara Rosenberg

New York, June 16 - The Ryland Group Inc. closed on a new $500 million unsecured revolving credit facility due 2009 with an accordion feature allowing for the size to be increased to $650 million, subject to the availability of additional commitments.

Banc One Capital Markets Inc. is the lead arranger and sole bookrunner for the new facility with Bank One as administrative agent, Bank of America and Wachovia Bank as syndication agents, Guaranty Bank, The Royal Bank of Scotland plc, SunTrust Bank, and Washington Mutual Bank as documentation agents, AmSouth Bank and PNC Bank as managing agents, and Comerica Bank, UBS Loan Finance LLC and Manufacturers and Traders Trust Co. as participants, according to a company news release.

The new revolver replaces the company's previous $400 million revolver.

Ryland is a Calabasas, Calif., homebuilder and mortgage-finance company.

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