Standard Pacific holders tender $258.81 million of three notes series

By Jennifer Chiou

New York, Oct. 8 - Standard Pacific Corp. announced the wrap of the cash tender offers for up to $260 million total of its $148,468,000 of 6½% notes due Aug. 15, 2010, $170,597,000 of 6 7/8% notes due May 15, 2011 and $125 million of 7¾% notes due March 15, 2013.

The offers ended at 11:59 p.m. ET on Oct. 7. They began on Sept. 10.

In all, holders tendered $133,419,000 of the 6½% notes, $121,978,000 of the 6 7/8% notes and $3,417,000 of the 7¾% notes. All tendered notes were accepted.

Previously, the company was tendering for up to $175 million of the notes.

The cap for the 7¾% notes was $50 million, and the notes were listed in priority acceptance order.

As of the early tender deadline at 5 p.m. ET on Sept. 23, holders had tendered $132.4 million of the 6½% notes, $121,447,000 of the 6 7/8% notes and $3.34 million of the 7¾% notes.

The company was also soliciting consents from holders of a majority of its 6 7/8% notes to modify the indenture to remove certain restrictive covenants. It has obtained the necessary consents for the notes.

For each $1,000 principal amount, the company said it paid $1,020 for the 6½% notes, par for the 6 7/8% notes and $900 for the 7¾% notes, all including a $30 early tender consideration for those who tendered by the first deadline.

The company said it also paid accrued interest.

Citi was the dealer manager (800 558-3745). Global Bondholder Services Corp. was the depositary and information agent (call collect 212 430-3774 or 866 470-3900).

The homebuilder is based in Irvine, Calif.

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