New Issue: Ryland prices $150 million five-year notes to yield 5 3/8%

By Paul A. Harris

St. Louis, May 29 - Ryland Group, Inc. sold $150 million of senior notes due June 1, 2008 (Ba1/BB+) at par Thursday to yield 5 3/8%.

UBS Warburg was the bookrunner. Wachovia Securities, Inc. and Banc One Capital Markets were co-managers.

The issuer is a Calabasas, Calif. homebuilder.

Issuer:	Ryland Group, Inc.
Amount:	$150 million
Maturity:	June 1, 2008
Security description:	Senior notes
Bookrunner:	UBS Warburg
Co-manager:	Wachovia Securities, Banc One Capital Markets
Coupon:	5 3/8%
Price:	Par
Yield:	5 3/8%
Spread:	311 basis points
Call:	Non-callable
Ratings:	Moody's: Ba1
	Standard & Poor's: BB+
Distribution:	Off the shelf

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