Standard Pacific increases conversion rate for 6% convertibles to 119.5312 shares per $1,000

By Julie A. Miller

Washington, July 31 - Standard Pacific Corp. announced that the conversion rate for its 6% convertible senior subordinated notes due 2012 will increase to 119.5312 shares of common stock per $1,000 principal amount of the notes from 114.2857 shares.

Standard Pacific announced in May that a planned rights offering to holders of its common stock made the notes convertible. They will remain convertible until immediately before the ex-dividend date for the rights offering, or until the company announces the rights offering will not take place.

The conversion ratio adjustment is also in response to the rights offering.

Standard Pacific is an Irvine, Calif.-based homebuilder.

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