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Standard Pacific Corp. Announces Proposed Concurrent Offering Of $150 Million Of Convertible Senior Notes Due 2032 And 12.5 Million Shares Of Common Stock

Stocks in this article: SPF

IRVINE, Calif., July 31, 2012 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) today announced the proposed public offering by the Company of $150 million aggregate principal amount of convertible senior notes due 2032.  The Company also expects to grant the underwriters of the proposed notes offering an option to purchase up to an additional $22.5 million aggregate principal amount of notes solely to cover over allotments.  J.P. Morgan, Citigroup, Credit Suisse and BofA Merrill Lynch will act as joint book-running managers for the proposed notes offering.

The principal amount of the notes will be convertible into shares of the Company's common stock.  The interest rate, conversion rate, conversion price and certain other pricing terms of the notes will be determined at the time of pricing of the offering by the Company and the underwriters.  The notes will be guaranteed on a senior unsecured basis by certain of the Company's subsidiaries that have guaranteed the Company's outstanding notes.

The Company also announced the proposed concurrent public offering by the Company of 12.5 million shares of its common stock.  The Company also expects to grant the underwriters of the proposed common stock offering an option to purchase up to an additional 1.875 million shares of common stock solely to cover over allotments.  J.P. Morgan, Citigroup, Credit Suisse and BofA Merrill Lynch will also act as joint book-running managers for the proposed common stock offering.

The Company intends to use the net proceeds of the notes offering and the concurrent common stock offering for general corporate purposes, including land acquisition and development, home construction, and other related purposes.  Neither the notes offering nor the common stock offering will be conditioned upon consummation of the other. 

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of such securities 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.

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