Standard Pacific amends, extending revolver tenor, changing covenants

By Sara Rosenberg

New York, April 26 - Standard Pacific Corp. amended its credit facility, extending the revolver maturity date to May 5, 2011 from Aug. 31, 2009 and revising the leverage ratio and minimum interest coverage covenants, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The amended leverage ratio is 2.25 to 1.0 and the amended minimum interest coverage ratio is 1.75 to 1.0.

The amendment is effective as of April 25.

Bank of America is the administrative agent on the deal.

Standard Pacific is an Irvine, Calif., builder and seller of single-family attached and detached homes.

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