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Standard Pacific launches cash tender offer for its 7¾% notes due 2013
By Susanna Moon
Chicago, April 20 - Standard Pacific Corp. said it began a cash tender offer for its 7¾% notes due March 15, 2013.
The company will pay $1,015.00 per $1,000 principal amount. This includes a premium of $2.08 for notes tendered by 5 p.m. ET on May 3, the early tender date.
The tender offer will expire at 5 p.m. ET on May 18.
Holders also will receive accrued interest to the purchase date.
The tender offer is conditioned on the receipt of proceeds from a concurrent public offering of senior notes of at least $125 million.
Standard Pacific said the purpose of the tender offer is to lengthen the maturity profile of its debt.
The company plans to redeem any notes that remain outstanding after the tender offer at $1,012.92 per $1,000 principal amount plus accrued interest to the redemption date, June 3.
Requests for documents and questions about the tender offer may be directed to Global Bondholder Services Corp. at 866 470-4500 or collect at 212 430-3774.
The homebuilder is based in Irvine, Calif.
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