Ryland bought back $8 million of senior notes in quarter at a premium

By Jennifer Chiou

New York, May 5 - Ryland Group, Inc. repurchased $8 million of its senior notes for $8.2 million in cash in the open market during the first quarter, according to a 10-Q filing with the Securities and Exchange Commission.

Due to the repurchases, the company marked a loss of $237,000 that is included in its consolidated statements of earnings.

At the end of March, the company had outstanding $199.1 million of its 5.4% senior notes due May 2012; $215.2 million of 6.9% senior notes due June 2013; $205.6 million of 5.4% senior notes due January 2015; and $230 million of 8.4% senior notes due May 2017.

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

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