Ryland greenshoe exercised, increasing convertibles to $225 million

By Ashley Montgomery

Kansas City, Kan., May 16 - Ryland Group Inc. said the underwriters of its 1.625% convertible senior notes due 2018 exercised their $25 million over-allotment option in full.

The greenshoe brings the convertibles total to $225 million.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners. UBS Securities LLC was the co-manager.

The initial conversion price is $32.03.

The notes have no calls or puts, according to a syndicate source.

The company said it will use the proceeds for general corporate purposes including repaying or repurchasing outstanding debt.

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

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