Standard Pacific to prepay $225 million term loan B with note proceeds

By Angela McDaniels

Tacoma, Wash., Dec. 7 - Standard Pacific Corp. plans to prepay the $225 million principal amount outstanding under its term loan B credit agreement, according to a company news release.

The company will use proceeds from a $675 million issue of notes that priced on Tuesday. It priced $400 million of new 8 3/8% notes due 2021 and a $275 million add-on to its 8 3/8% notes due 2018.

The proceeds will also be used to make payments in connection with the termination of interest rate swap agreements related to the term loan B, to repay up to $26.6 million of outstanding intercompany debt and to buy back notes due 2012, 2014 and 2015 in a tender offer.

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

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