Ryland Group plans $150 million six-year convertibles to yield 1.625%-2.125%, up 37.5%-42.5%

By Rebecca Melvin

New York, May 10 - Ryland Group Inc. launched $150 million of six-year convertible bonds ahead of the market open Thursday that were set for pricing after the close.

The registered, off-the-shelf deal, which has a $22.5 million over-allotment option, was talked to yield 1.625% to 2.125% with an initial conversion premium of 37.5% to 42.5%, according to a syndicate source.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunners, with UBS Securities LLC acting as co-manager.

The notes are a six-year bullet, with no calls or puts.

Proceeds will be used for general corporate purposes, including repayment or repurchase of debt.

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

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