Homebuilder Ryland Group to buy back $225 million worth of bonds due by 2015

Ryland Group to buy back $225M worth of bonds

CALABASAS, Calif. — Ryland Group Inc., a homebuilder and mortgage finance company, on Thursday launched an offer to buy back as much as $225 million of its outstanding bonds.

The offer covers three sets of notes. The company has set first priority on $199.1 million in notes due in 2012, followed by $215.2 million due in 2013 and $205.6 million due in 2015.

It is offering $1,045 for every $1,000 worth of the first-priority notes, $1,080 for every $1,000 worth of second-priority notes and face value for the third-priority notes.

Shares of Ryland added a penny to close at $22.45.