CALABASAS, Calif., May 19, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- The Ryland Group, Inc. (NYSE: RYL), one of the nation's largest homebuilders, announced that it is calling all of its 9 1/8% Senior Subordinated Notes due 2011 for full redemption on July 3, 2006, in accordance with the terms of the indenture governing the notes. The $150.0 million principal amount outstanding includes $6.5 million of notes owned by the company.
The notes will be called at a premium of 104.563% to be paid along with accrued interest on July 3, 2006. Holders of the notes will receive a notice of redemption setting forth the redemption procedures.
With headquarters in Southern California, Ryland is one of the nation's largest homebuilders and a leading mortgage-finance company. The company currently operates in 28 markets across the country and has built more than 250,000 homes and financed more than 215,000 mortgages since its founding in 1967. Ryland is a Fortune 500 company listed on the New York Stock Exchange under the symbol "RYL." Previous news releases may be obtained at www.ryland.com.
SOURCE The Ryland Group, Inc.
Investors, Cathey Lowe, Senior Vice President, Finance, +1-818-223-7530, or Media, Trent Freeman, Supervisor, Communications, +1-818-223-7615, both of The Ryland Group, Inc.
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