Ryland issues 584,000 shares for $12.5 million 5 3/8% senior notes

By Jennifer Chiou

New York, May 21 - Ryland Group, Inc. entered into agreements to issue 584,000 shares in exchange for $12.5 million of its 5 3/8% senior notes due 2015, according to an 8-K filing with the Securities and Exchange Commission.

The transactions took place or will take place between May 7 and May 26.

The company said it will not receive any cash proceeds as a result of the exchange.

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

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