Standard Pacific Corp. Announces Proposed Private Placement of $200 Million in Senior Notes
09 Settembre 2009 - 10:12PM
PR Newswire (US)
IRVINE, Calif., Sept. 9, 2009 /PRNewswire-FirstCall/ -- Standard
Pacific Corp. (NYSE:SPF) ("Standard Pacific" or the "Company")
announced today that its wholly owned subsidiary, Standard Pacific
Escrow LLC, intends to issue and sell $200 million aggregate
principal amount of senior notes due 2016 in a private offering
that is exempt from the registration requirements of the Securities
Act of 1933. The 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 of 1933. The notes will not be registered
under the Securities Act, and, unless so registered, 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
proposed 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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