Sep. 24, 2009 (PR Newswire) --
IRVINE, Calif., Sept. 24, 2009 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) (the "Company") today announced the early tender results of its previously announced 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") (each offer, as amended by this press release and as further supplemented or amended from time to time, a "Tender Offer," and collectively, the "Tender Offers"). 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"). As of the previously announced early tender deadline of 5:00 p.m., New York City time, on September 23, 2009, according to information provided by the depositary, $132,400,000 of the 2010 Notes, $121,447,000 of the 2011 Notes and $3,340,000 of the 2013 Notes have been validly tendered and not withdrawn. Based on such tenders, a majority in principal amount of the 2010 Notes have been validly tendered and not withdrawn, which is sufficient to approve the Consent Solicitation.
The Company also announced that it is increasing its previously announced maximum payment amount in the Tender Offers from $175,000,000 to $260,000,000 (as amended, the "Maximum Payment Amount").
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 (as amended by this press release and as further amended or supplemented from time-to-time, the "Offer to Purchase"), which sets forth a more detailed description of the Tender Offers and the Consent Solicitation.
