Standard Pacific to call 8% and 8½% notes with new-deal proceeds

New York, March 11 - Standard Pacific Corp. (Ba2/BB) said that it plans to call for the redemption of its outstanding $100 million principal amount of 8% senior notes due 2008 and $150 million principal amount of 8½% senior notes due 2009, using a portion of the proceeds from an upcoming junk bond deal concurrently announced by the Irvine, Calif.-based homebuilder.

Standard Pacific said the notes would be officially called upon completion of its proposed sale of $300 million of new senior notes.

Besides calling the 8% and 8½% notes - which are currently callable at prices of 102.67% of par and 104.25% of par, respectively - Standard Pacific will use the remainder of the anticipated new-deal proceeds for general corporate purposes, including repayment of outstanding debt under its revolving credit facility.

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