Ryland has 'plenty of cash,' debt market active and open, says CEO

By Lisa Kerner

Charlotte, N.C., March 5 - Ryland Group, Inc.'s "runway" is an extremely good spot, according to president and chief executive officer Larry Nicholson.

"We have plenty of cash to grow the business," Nicholson said at the Raymond James 34th Annual Institutional Investors Conference in Orlando on Tuesday.

Nicholson feels very good about Ryland's balance sheet and sees no short-term need for cash.

"The debt market's been very active and still continues to be open, so if we need additional capital for growth we would have the opportunity for it," Nicholson said.

Ryland's weighted average rate of debt is 5.6% with a weighted average maturity of 6.5 years.

In 2015, the company has $126 million of senior notes due, which Nicholson said "is not a lot," and Ryland ended 2012 with about $700 million of cash.

Nicholson believes the company is prepared for sustainable, profitable growth over the next few years.

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

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