Moody's rates Standard Pacific convertibles B2

Moody's Investors Service said it assigned a B3 rating to Standard Pacific Corp.'s proposed $150 million convertible senior note offering due 2032.

In the same rating action, Moody's assigned a provisional B3 rating to the company's senior unsecured shelf and a provisional Caa2 rating to its senior subordinate shelf.

Moody's also affirmed all of the company's existing ratings, including B3 corporate family rating, B3 probability of default rating, B3 senior unsecured note rating, Caa2 convertible senior subordinated note rating and SGL-2 speculative grade liquidity assessment.

The outlook was changed to positive from stable.

The proceeds from the proposed $150 million convertible senior unsecured note offering, along with the proceeds from the concurrent offering of 12.5 million shares of common stock, will be designated for general corporate uses, including land acquisition and development and home construction.

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