Stanley-Martin Communities buys back $4.3 million of subordinated notes

By Devika Patel

Knoxville, Tenn., Nov. 13 - Stanley-Martin Communities, LLC announced it redeemed $4.3 million of its outstanding subordinated notes in the third quarter.

The company paid $3.1 million for the notes.

The company also said that Neighborhood Holdings, LLC, its parent company, will redeem its outstanding class A membership interests in installments on June 30, 2008, June 30, 2009, June 30, 2010 and June 30, 2011. As of Sept. 30, the redemption amounts due on those dates are $11.5 million, $13 million, $11.4 million and $200,000, respectively.

Stanley-Martin is a Reston, Va.-based homebuilder.

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