Firm Represents Citi, Barclays Capital, Morgan Keegan & Company, Inc. and SunTrust Robinson Humphrey in $230 Million Debt Offering by The Ryland Group, Inc.
05.11.09
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The Firm represented Citigroup Global Markets Inc., Barclays Capital Inc., Morgan Keegan & Company, Inc. and SunTrust Robinson Humphrey, Inc., as underwriters, in connection with a public offering by The Ryland Group, Inc. of $230 million of 8.4% Senior Notes due 2017. The notes are guaranteed by substantially all of Ryland’s homebuilding subsidiaries. Ryland intends to use the net proceeds from the offering for general corporate purposes. The offering closed on May 5, 2009.
Ryland is one of the nation’s largest homebuilders and mortgage-finance companies. Having operations in 15 states and 19 homebuilding divisions across the United States, Ryland has built more than 285,000 homes and has provided mortgage-financing and related services for more than 235,000 homebuyers.
The Simpson Thacher team for the transaction included John B. Tehan, Sirimal R. Mukerjee, Michael Sabin, Sara L. Terheggen and Daniel H. Kwon (Corporate); Amie N. Broder (Tax); and Mark Lab (FINRA and Blue Sky). Joel M. Post also provided valuable assistance.