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Standard Pacific gets $925 million revolver at Libor plus 100 bps
By Sara Rosenberg
New York, Sept. 1 - Standard Pacific Corp.'s new $925 million unsecured revolving credit facility carries an initial interest rate of Libor plus 100 basis points with a 20 basis point commitment fee, according to an 8-K filed with the Securities and Exchange Commission Thursday.
Interest on borrowings is grid-based and can range anywhere from Libor plus 85 to 200 bps, depending on leverage. The commitment fee can range from 20 to 30 bps, also based on leverage.
Banc of America Securities LLC was lead arranger and book manager, Bank of America, NA was administrative agent, JPMorgan Chase Bank was syndication agent, the Royal Bank of Scotland plc, Wachovia Bank NA and SunTrust Bank were co-documentation agents, and Guaranty Bank, Credit Suisse First Boston and PNC Bank were managing agents.
The revolver, which matures Aug. 31, 2009 and has a $175 million accordion feature, replaces the company's previous $600 million credit facility. The deal closed on Wednesday.
Financial covenants include a covenant that, as of June 30, 2005, requires the company to maintain not less than $1.136 billion of consolidated tangible net worth, a leverage covenant that prohibits the company's total leverage ratio from exceeding 2.25 to 1.0, an unsold land covenant that prohibits the company's ratio of unsold land to adjusted consolidated tangible net worth from being in excess of 1.60 to 1.0 and an interest coverage covenant that prohibits the company's ratio of homebuilding EBITDA to consolidated homebuilding interest incurred for any period consisting of the preceding four consecutive fiscal quarters from being less than 1.75 to 1.0.
Standard Pacific is an Irvine, Calif., homebuilder.
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