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Standard Pacific buys back some 6½% notes, 6 7/8% notes following loan amendment
By Jennifer Chiou
New York, May 8 - Standard Pacific Corp. repurchased $22.5 million of its 6½% senior notes due 2010 and $4.4 million of its 6 7/8% senior notes due 2011 thanks to a previous amendment to its credit facility, according to a 10-Q filed with the Securities and Exchange Commission.
On Feb. 13, the company amended its credit facility, allowing it to voluntarily repurchase its 5 1/8% senior notes due 2009, 6½% notes and 6 7/8% notes as long as the revolver had been downsized by about $14.6 million prior to the repurchase and the term loan A had been paid down by at least around $10.4 million.
Standard Pacific said that the $25 million prepayment of the revolver and term loan A in February was credited toward the prepayment that would otherwise have been required in connection with the repurchases. The prepayment was allocated 58.5% to the revolver and 41.5% to the term loan A.
In addition, future prepayments of the revolver and term loan A will be credited toward any payments otherwise required for note repurchases.
As already reported, within one business day after any repurchase of the 2009 notes, the company has to make a total prepayment under the revolver and term loan A in an amount equal to 125% of the discount to par paid in the repurchase. Within one business day after any repurchase of the 2010 notes, the company has to make a total prepayment under the revolver and term loan A in an amount equal to 50% of the amount of such repurchase. And within one business day after any repurchase of the 2011 notes, the company has to make a total prepayment under the revolver and term loan A in an amount equal to 100% of the amount of the repurchase.
Bank of America was the administrative agent on the deal.
Standard Pacific is an Irvine, Calif.-based builder of single-family attached and detached homes.
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