By Paul A. Harris
St. Louis, April 15 - Ryland Group, Inc. priced a $300 million issue of 10-year senior notes (Ba3/BB-) at par to yield 6 5/8% in a quick-to-market Thursday deal, according to an informed source.
The yield printed in the middle of the 6½% to 6¾% price talk.
JP Morgan ran the books. Bank of America Merrill Lynch was the co-manager.
Proceeds will be used to fund a tender for the company's 5 3/8% senior notes due 2012, its 6 7/8% senior notes due 2013 and its 5 3/8% senior notes due 2015.
Ryland is a homebuilder and a mortgage-finance company based in Calabasas, Calif.
| Issuer: | Ryland Group, Inc.
|
| Securities: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | May 1, 2020
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | 279 bps
|
| Call protection: | Non-callable except for make-whole call at Treasuries plus 50 bps
|
| Change of control: | Put at 101
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Trade date: | April 15
|
| Settlement date: | April 29
|
| Bookrunner: | JP Morgan
|
| Co-manager: | Bank of America Merrill Lynch
|
| Distribution: | Off shelf
|
| Price talk: | 6½% to 6¾%
|
| Marketing: | Quick to market
|
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