Ryland Completes Offering of $250 Million of Senior Notes
The Ryland Group (NYSE: RYL) announced the completion of its offering and sale of $250 million aggregate principal amount of 5.375% Senior Notes due 2022.
The notes will be the Company's general unsecured senior obligations. The notes will pay interest semi-annually on April 1 and October 1, beginning on April 1, 2013, at a rate of 5.375% per year. The notes will mature on October 1, 2022 and are redeemable, in whole or in part, at any time and from time to time under the terms provided in the indenture and supplemental indenture under which they are issued. The notes will be guaranteed by substantially all of the Company's direct and indirect wholly owned homebuilding subsidiaries.
The Company intends to use the net proceeds from this offering for general corporate purposes, which may include repayment or repurchase of outstanding indebtedness.
J.P. Morgan Securities LLC and Citigroup Global Markets Inc. acted as the joint-book running managers, and Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC acted as co-managers. The notes were issued pursuant to an effective shelf registration statement that was previously filed by the Company with the Securities and Exchange Commission and became effective immediately upon filing.
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