Ryland issues stock in exchange for $15.5 million of 5 3/8% notes

By Angela McDaniels

Tacoma, Wash., May 28 - Ryland Group, Inc. said a holder of its 5 3/8% senior notes due 2015 agreed to take 145,000 shares of common stock in exchange for $3 million principal amount of the notes.

Under the privately negotiated agreement, the exchange will occur Friday, according to an 8-K filing with the Securities and Exchange Commission.

Between May 7 and May 26, the company issued 584,000 shares in exchange for $12.5 million of the notes in similar transactions.

The company said it may engage in additional exchanges if and as favorable opportunities arise.

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

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