By Paul A. Harris
Portland, Ore., Sept. 18 - The Ryland Group, Inc. pried a $250 million issue of 10-year senior notes (B1/BB-/) at par to yield 5 3/8% on Tuesday, according to a prospectus that the company filed with the Securities and Exchange Commission.
The yield printed at the tight end of the 5 3/8% to 5½% yield talk, which had been revised tighter from earlier talk of 5½% to 5¾%.
J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were the joint bookrunners for the quick-to-market deal.
The Westlake Village, Calif.-based homebuilder and a mortgage-finance company plans to use the proceeds for general corporate purposes.
| Issuer: | The Ryland Group, Inc.
|
| Amount: | $250 million
|
| Maturity: | Oct. 1, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc.
|
| Co-managers: | Wells Fargo Securities LLC, Deutsche Bank Securities Inc.
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Spread: | 358 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | Sept. 18
|
| Settlement date: | Sept. 21
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
| Price talk: | 5 3/8% to 5½%, revised tighter from 5½% to 5¾%
|
| Marketing: | Quick to market
|
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