Standard Pacific eliminates cash dividend

By Lisa Kerner

Charlotte, N.C., Sept. 24 - Standard Pacific Corp.'s board of directors eliminated its quarterly cash dividend, saving the company some $10 million per year. The dividend was eliminated in connection with the company's proposed notes offering, according to a news release.

The company announced a proposed public offering of $100 million total principal amount of convertible senior subordinated notes due 2012.

The notes will be convertible into shares of the company's common stock, cash or a combination of stock and cash. Credit Suisse Securities (USA) LLC, Banc of America Securities LLC and J.P. Morgan Securities Inc. will act as joint bookrunners, the release stated.

Standard Pacific is an Irvine, Calif., home construction company.

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