Standard Pacific says rights offering triggers convertibility of 6% notes

New York, May 30 - Standard Pacific Corp. said a planned rights offering to holders of its common stock means holders of its 6% convertible senior subordinated notes due 2012 can now convert them to stock.

The notes will remain convertible until immediately before the ex-dividend date for the rights offering, expected to be July 18 or later, or until the company announces the rights offering will not take place.

Notice has been sent to holders of the convertibles.

In the rights offering, shareholders will be able to buy 50 million shares at $3.05 each. That price may be below the closing price of the common stock on the day immediately preceding the date of declaration for the rights offering.

Standard Pacific is an Irvine, Calif., homebuilder.

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