Standard Pacific agrees to issue shares for $27.64 million 6% notes

By Jennifer Chiou

New York, Sept. 1 - Standard Pacific Corp. entered into agreements to issue a to-be-determined number of shares in exchange for $27,637,000 of its 6% senior subordinated convertible notes due 2012, according to an 8-K filed with the Securities and Exchange Commission.

The company said it will issue shares equal to the sum of (i) 597,656 shares plus (ii) a number of shares equal to $21,160,084 divided by share prices to be determined based on the volume-weighted average price of the stock for specified trading days.

Accrued interest will be paid in cash for a portion of the notes.

Settlement is expected prior to Sept. 8.

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

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