Standard Pacific ups credit facility to $450 million, extends to 2018

By Tali Rackner

Norfolk, Va., Aug. 1 – Standard Pacific Corp. entered into the second amendment to its amended and restated credit agreement via JPMorgan Chase Bank, NA on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The second amendment extends the maturity date of the facility to July 2018 from October 2015, increases the size to $450 million from $440 million, amends the accordion feature to allow the facility to be increased to $750 million from $450 million and lowers pricing.

Pricing under the amendment is initially Libor plus 225 basis points with a margin that ranges from 175 bps to 250 bps, depending on leverage. The commitment fee ranges from 30 bps to 45 bps.

The credit agreement dated as of Oct. 19, 2012 was amended by the first amendment on Sept. 26, 2013 and further amended by a letter agreement on Oct. 24, 2013. It was amended again on Feb. 28, 2014 when part of the facility matured.

As of Thursday, no amounts were outstanding under the credit facility and, giving effect to the second amendment, the total commitment of $450 million was available.

Standard Pacific is an Irvine, Calif.-based builder of single-family attached and detached homes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.