Ryland offers to buy back up to $225 million of 5 3/8%, 6 7/8% notes

By Angela McDaniels

Tacoma, Wash., April 1 - Ryland Group, Inc. has begun a tender offer for up to $225 million of its $199,071,000 of 5 3/8% senior notes due 2012, $215,152,000 of 6 7/8% senior notes due 2013 and $205,552,000 of 5 3/8% senior notes due 2015.

The notes are listed in order of acceptance priority level, according to a company news release.

For each $1,000 principal amount, the company is offering $1,045 for the 5 3/8% notes due 2012, $1,080 for the 6 7/8% notes and par for the 5 3/8% notes due 2015.

The listed payouts include an early tender payment of $20 for each note tendered by 5 p.m. ET on April 14, the early tender date.

Holders will also receive accrued interest up to but excluding the payment date.

The offer will expire at 5 p.m. ET on April 29.

If more than $225 million principal amount of notes are tendered, notes will be accepted for purchase in order of acceptance priority level. If there are enough remaining funds to purchase some but not all of a series of notes, the amount of those notes purchased will be prorated.

The offer is subject to the conditions that at least $200 million principal amount of notes be tendered and a proposed financing be completed yielding enough proceeds to fund the purchase.

J.P. Morgan Securities Inc. (800 245-8812 or 212 270-3994) is the dealer manager. Global Bondholder Services Corp. (866 470-3900 or 212 430-3774) is the information agent.

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

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