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Standard Pacific greenshoe lifts 1.25% convertibles to $253 million
By Marisa Wong
Madison, Wis., Aug. 6 - The underwriters of Standard Pacific Corp.'s recent issue of 1.25% senior convertible notes due 2032 exercised their over-allotment option in full. The company sold an additional $33 million of the 1.25% convertible notes, according to an 8-K filed Monday with the Securities and Exchange Commission.
This brings the total deal size to $253 million. Standard Pacific priced $220 million of the convertibles on July 31 with an initial conversion premium of 42.5%.
The registered deal was upsized from $200 million, previously increased from $150 million.
As previously reported, Standard Pacific also priced 12.5 million shares of its common stock at $5.67 per share in a public offer, with an option for underwriters to purchase up to an additional 1,875,000 common shares.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are the joint bookrunners of both offerings.
The stock and convertibles offerings are not conditioned on one another.
The convertible notes are non-callable until Aug. 5, 2017, with put dates in years five, 10 and 15. Upon conversion, the notes will be settled with shares.
The notes are convertible into shares at an initial conversion rate of 123.7662 shares per $1,000 principal amount of notes, equal to a conversion price of $8.08 per share.
Proceeds will be used for general corporate purposes, including land acquisition and development, home construction, and other related purposes.
Standard Pacific is an Irvine, Calif.-based builder of single-family attached and detached homes.
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