Ryland purchases $255.34 million in tender for 5 3/8%, 6 7/8% notes

By Devika Patel

Knoxville, Tenn., May 3 - Ryland Group, Inc. said it completed its offer to purchase up to $300 million of its $199.07 million of 5 3/8% notes due 2012, $215.15 million of 6 7/8% senior notes due 2013 and $205.55 million of 5 3/8% senior notes due 2015.

The company purchased $198.76 million of the 5 3/8% notes, $28.96 million of the 6 7/8% senior notes and $27.62 million of the 5 3/8% senior notes.

The offer expired at 5 p.m. ET on April 29. It began on April 1.

For each $1,000 of notes, the company paid $1,080.27 for the 5 3/8% notes, $1,080.00 for the 6 7/8% notes and par for the 5 3/8% senior notes.

The payouts included an early tender payment of $20.00 for the 6 7/8% notes and the 5 3/8% senior notes tendered by 5 p.m. ET on April 14, the early tender date.

Holders also received interest up to but excluding the payment date.

As previously announced, the 5 3/8% senior notes that were not purchased in the offer will be redeemed on May 25.

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

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