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Press release from PR Newswire

Standard Pacific Corp. Announces Early Tender Results for Its Tender Offer for Any and All of Its 7 3/4% Notes Due 2013

Tuesday, May 04, 2010

Standard Pacific Corp. Announces Early Tender Results for Its Tender Offer for Any and All of Its 7 3/4% Notes Due 201308:00 EDT Tuesday, May 04, 2010IRVINE, Calif., May 4, 2010 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) today announced the early tender results of its previously announced cash tender offer (the "Tender Offer") for its 7 3/4% Notes due March 15, 2013 (the "Notes"). �As of the Tender Offer's early tender deadline of 5:00 p.m., New York City time, on May 3, 2010, according to information provided by the depositary, approximately $89.5 million aggregate principal amount of the Notes had been validly tendered.The Tender Offer is being made upon the terms and conditions in the Offer to Purchase dated April 20, 2010. �The conditions to the Tender Offer, including the financing condition, have been satisfied, and the Company has accepted all of the Notes validly tendered at or prior to the early tender deadline for payment.The Tender Offer will expire at 5:00 p.m., New York City time, on May 18, 2010, unless extended. �The Company will pay $1,012.92 per $1,000 principal amount of Notes validly tendered between the early tender deadline and the expiration time.The Company also announced today that it has given notice of redemption to holders of the Notes, pursuant to the terms of the indenture governing the Notes. �The Company will redeem any Notes not tendered and accepted for purchase in the Tender Offer on June 3, 2010. �Under the indenture governing the Notes, the Notes outstanding on June 2, 2010 are now due and payable on such date at the redemption price of $1,012.92 per $1,000 principal amount.Holders whose Notes are purchased in the Tender Offer or are redeemed will also be entitled to accrued and unpaid interest on their Notes to, but not including, the date their Notes are purchased or redeemed, as applicable.None of the Company, its board of directors, Global Bondholder Services Corporation, or the trustee with respect to the Notes is making any recommendation as to whether holders of the Notes should tender any Notes in the Tender Offer. �Holders of the Notes must make their own decision as to whether to tender their Notes, and, if so, the principal amount of Notes to tender.This press release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, the Notes. �The Tender Offer is being made solely by the Offer to Purchase dated April 20, 2010. �The full details of the Tender Offer, including complete instructions on how to tender the Notes, are included in the Offer to Purchase. �Holders of the Notes are strongly encouraged to read carefully the Offer to Purchase because it contains important information. �Requests for documents and questions regarding the Tender Offer may be directed to Global Bondholder Services Corporation at (212) 430-3774 (collect) or (866) 470-4500 (toll free).About Standard Pacific Corp.Standard Pacific, one of the nation's largest homebuilders, has built more than 110,000 homes during its 44-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.This news release contains forward-looking statements regarding the Tender Offer, the Company's acceptance of the Notes for purchase and the timing thereof, the redemption of the Notes, and the expected timing of payment of consideration in the Tender Offer and redemption. �Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. �Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. �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, 2009 and its subsequent Quarterly Reports on Form 10-Q.Contact:John Stephens, SVP & CFO (949) 789-1641, jstephens@stanpac.comSOURCE Standard Pacific Corp.For further information: John Stephens, SVP & CFO of Standard Pacific Corp., +1-949-789-1641, jstephens@stanpac.com