Ryland to redeem $25 million of $75 million 5 3/8% senior notes due 2008

By Devika Patel

Knoxville, Tenn., Nov. 15 - The Ryland Group, Inc. will redeem $25 million of its $75 million outstanding 5 3/8% senior notes due 2008 on Dec. 17, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

According to the filing, Ryland notified the trustee, The Bank of New York, on Wednesday that the notes will be redeemed at a price equal to the greater of 100% of their principal amount or the present value of the remaining scheduled payments on the notes, discounted to Dec. 17, on a semiannual basis, at the Treasury Rate plus 30 basis points along with accrued interest.

The Calabasas, Calif.-based homebuilder and finance company said in the filing that holders will receive a notice of redemption detailing the redemption procedures.

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