Homebuilder Ryland Group Inc. said in a regulatory filing that it terminated a $200 million credit line it said it no longer needed, and plans to fund operations with its cash.

Ryland Group, which reported a first quarter net loss of $75.3 million as it wrote down the value of inventory and other assets due to the depressed housing market, sold $230 million in 10-year senior notes in April to raise money.

“The company believes it does not need the credit agreement to meet its liquidity needs at this time and that it will be able to fund its homebuilding operations through its existing cash resources for the foreseeable future,” Ryland said in the Thursday filing with the Securities and Exchange Commission.

No penalties or costs are associated with ending the credit agreement that began in January 2006, the Calabasas company said. JPMorgan Chase & Co. was the agent for the lenders taking part in the agreement.

Ryland shares closed down 42 cents, or 2.4 percent, to $16.98 on the New York Stock Exchange.