Standard Pacific gets total early tenders for $353.9 million of 9¼% notes, 6¼% notes, 7% notes

By Devika Patel

Knoxville, Tenn., Dec. 7 - Standard Pacific Corp. said investors tendered $61.642 million, or 87%, of the company's $70.504 million of 9¼% senior subordinated notes due April 15, 2012, $143.726 million, or 96%, of its $150 million of 6¼% senior notes due April 1, 2014 and $148.532 million, or 85%, of its $175 million of 7% senior notes due Aug. 15, 2015 by the early deadline of 5 p.m. ET on Dec. 6 in a cash offer for any and all of the notes.

The tender offer began on Nov. 23 and will end at 11:59 p.m. ET on Dec. 21. The settlement date is Dec. 22.

The company was also soliciting consents to amend the note indentures to modify or remove some restrictive covenants for each notes series. It has received the needed consents and the amendments have been approved for each series of note.

For each $1,000 of notes, in addition to accrued interest, the company will pay $1,092.50 for the 9¼% notes, $1,050.00 for the 6¼% notes and $1,055.00 for the 7% notes. The payouts include a $25.00 early tender fee as well as a $5.00 consent fee for those who tendered by the early deadline.

All tendering holders will be deemed to have delivered consent. Holders may, however, deliver consent without tendering their securities to receive the consent fee.

The amendments will become effective only if the company completes the tender offer.

Standard Pacific said that its obligation to accept the notes is subject to a number of conditions, including the receipt of proceeds from one or more proposed debt offerings to cover the tenders as well as the receipt of the necessary consents. It is also looking to cover a proposed term loan B repayment.

Citi (800 558-3745), JPMorgan (800 245-8812) and Credit Suisse Securities (USA) LLC (800 820-1653) are the dealer managers. Global Bondholder Services Corp. is the depositary and information agent (866 389-1500 or call collect 212 430-3774).

The homebuilder is based in Irvine, Calif.

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