Sep. 10, 2009 (PR Newswire) --
IRVINE, Calif., Sept. 10, 2009 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) (the "Company") today announced the commencement of cash tender offers for its 6 1/2% Notes due August 15, 2010 (the "2010 Notes"), 6 7/8% Notes due May 15, 2011 (the "2011 Notes") and 7 3/4% Notes due March 15, 2013 (the "2013 Notes," and collectively with the 2010 Notes and 2011 Notes, the "Notes"), for an aggregate consideration of up to $175,000,000 (the "Maximum Payment Amount"), plus accrued and unpaid interest (each offer, a "Tender Offer," and collectively, the "Tender Offers"), provided that the Company will purchase only up to $50,000,000 in principal amount of validly tendered 2013 Notes. The Tender Offer for the 2010 Notes includes a consent solicitation for the amendment of the supplemental indenture governing the 2010 Notes to modify or remove certain restrictive covenants (such solicitation, the "Consent Solicitation"). The Tender Offers are scheduled to expire at 11:59 p.m., New York City time, on October 7, 2009, unless extended by the Company or a Tender Offer is earlier terminated (such date and time, as it may be extended, the "Expiration Time").
The Tender Offers and the Consent Solicitation are being made upon the terms and conditions in an offer to purchase dated September 10, 2009 (the "Offer to Purchase"), which sets forth a more detailed description of the Tender Offers and the Consent Solicitation. The purpose of the Tender Offers is to lengthen the maturity profile of the Company's indebtedness, while the Consent Solicitation is intended to permit the Company greater flexibility in operating its business.
Holders of Notes that are accepted for purchase by the Company pursuant to the applicable Tender Offer will receive the applicable consideration specified in the table below. Those holders who validly tender their Notes at or prior to 5:00 p.m., New York City time, on September 23, 2009 will receive the applicable "Total Consideration," being the sum of the "Tender Offer Consideration" and the "Early Tender Premium," each as specified in such table.
