New Issue: Standard Pacific $125 million 12-year notes yield 7¾%

By Paul A. Harris

St. Louis, March 4 - Standard Pacific Corp. priced $125 million of 7¾% senior notes due March 15, 2013 (Ba3/BB) at 99.141 to yield 7 7/8%, on Tuesday, according to a syndicate source.

Price talk was for a yield of 7¾%-7 7/8%.

Salomon Smith Barney was the bookrunner. Co-managers were Banc One Capital Markets, Comerica, Fleet Securities and PNC.

Proceeds from the public offering will be used to repay the revolver and general corporate purposes.

The issuer is an Irvine, Calif.-based homebuilder.

Issuer:	Standard Pacific Corp.
Amount:	$125 million
Maturity:	March 15, 2013
Description:	Senior notes
Bookrunner:	Salomon Smith Barney
Coupon:	7¾%
Price:	99.141
Yield:	7 7/8%
Spread:	421 basis points
Call features:	Callable with a T + 50 make-whole call until March 15, 2008, then callable at 103.875, 102.583, 101.292, declining to par on March 15, 2011 and thereafter
Settlement date:	March 7, 2003 (T+3)
Ratings:	Moody's: Ba2
	Standard & Poor's: BB
Distribution:	Public
Cusip:	85375CAL5
Price talk:	7¾%-7 7/8%

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