Standard Pacific Corp. Announces Pricing of $280 Million Debt Offering
September 10 2009 - 9:37PM
PR Newswire (US)
IRVINE, Calif., Sept. 10, 2009 /PRNewswire-FirstCall/ -- Standard
Pacific Corp. (NYSE:SPF) ("Standard Pacific" or the "Company")
announced today that its wholly owned subsidiary, Standard Pacific
Escrow LLC, priced $280 million aggregate principal amount of
10.750% senior notes due 2016 at an issue price of 91.997%. The
offering is expected to close on September 17, 2009. As previously
announced, the notes will be issued in a private offering that is
exempt from the registration requirements of the Securities Act of
1933, as amended. The gross proceeds from the offering of the notes
will initially be held in escrow. If the conditions to the release
of the funds from escrow are satisfied, the Company will use the
net proceeds from the offering to finance the repurchase of certain
outstanding notes of the Company through tender offers, and to the
extent there are any remaining proceeds from the offering after the
completion of the tender offers, for the redemption or repurchase
of other outstanding debt of the Company. The notes are being
offered in the United States only to qualified institutional buyers
in reliance on Rule 144A under the Securities Act, and outside the
United States, only to non-U.S. investors pursuant to Regulation S
under the Securities Act. The notes will not be registered under
the Securities Act and may not be offered or sold in the United
States absent registration or an applicable exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and other applicable securities laws. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy the notes or any other securities, and shall not
constitute an offer, solicitation or sale in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction. This
announcement is being issued pursuant to and in accordance with
Rule 135c under the Securities Act. About Standard Pacific Corp.
Standard Pacific Corp., one of the nation's largest homebuilders,
has built more than 108,000 homes during its 43-year history. The
Company constructs homes within a wide range of price and size
targeting a broad range of homebuyers. Standard Pacific operates in
many of the largest housing markets in the country with operations
in major metropolitan areas in California, Florida, Arizona, the
Carolinas, Texas, Colorado and Nevada. The Company provides
mortgage financing and title services to its homebuyers through its
subsidiaries and joint ventures, Standard Pacific Mortgage, Inc.
and SPH Title. For more information about the Company and its new
home developments, please visit our website at:
http://www.standardpacifichomes.com/. Safe Harbor and
Forward-Looking Statements This news release contains
forward-looking statements, including statements regarding the
offering of the notes and the intended use of proceeds from the
offering. All forward-looking statements in this news release
reflect the Company's current analysis of existing facts and
information and represent the Company's judgment only as of the
date of this news release. Actual events or results might differ
materially from these statements due to risks and uncertainties.
The Company cannot be certain that the debt offering or debt tender
offers discussed above will close or that if they close the
conditions to release of the funds to the Company will be met. The
Company expressly disclaims any intent or obligation to update
these forward-looking statements, except as required by law. For a
discussion of certain of the risks, uncertainties and other factors
affecting the statements contained in this news release, see the
Company's Annual Report on Form 10-K for the year ended December
31, 2008 and its subsequent Quarterly Reports on Form 10-Q.
Contact: John Stephens Lloyd McKibbin SVP & CFO SVP &
Treasurer (949) 789-1641 (949) 789-1603 DATASOURCE: Standard
Pacific Corp. CONTACT: John Stephens, SVP & CFO,
+1-949-789-1641, , or Lloyd McKibbin, SVP & Treasurer,
+1-949-789-1603, , both of Standard Pacific Corp. Web Site:
http://www.standardpacifichomes.com/
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