Standard Pacific settles tenders for $350.75 million notes Wednesday

By Susanna Moon

Chicago, Dec. 22 - Standard Pacific Corp. said it accepted and paid for $350,754,000 of notes tendered in the cash offer for three series of notes.

The tender offer began on Nov. 23 and ended at 11:59 p.m. ET on Dec. 21. The settlement date was Dec. 22.

As of the expiration, investors had tendered $60,514,000, or 88%, of the company's $70,504,000 of 9¼% senior subordinated notes due April 15, 2012, $145,029,000, or 97%, of its $150 million of 6¼% senior notes due April 1, 2014 and $145,211,000, or 85%, of its $175 million of 7% senior notes due Aug. 15, 2015

The final tally compares with early tender figures of $61.642 million, or 87%, of the 9¼% notes, $143.726 million, or 96%, of the 6¼% notes and $148.532 million, or 85%, of the 7% notes. The early deadline was 5 p.m. ET on Dec. 6.

The company received the needed consents to amend the notes to modify or remove some restrictive covenants for each notes series.

For each $1,000 principal amount, the company paid $1,092.50 for the 9¼% notes, $1,050.00 for the 6¼% notes and $1,055.00 for the 7% notes. The payouts included a $25.00 early tender fee as well as a $5.00 consent fee for notes tendered by the early deadline.

Standard Pacific also paid accrued interest.

Standard Pacific said that its obligation to accept the notes was subject to the receipt of proceeds from one or more proposed debt offerings to cover the tenders as well as the receipt of the needed consents. It also sought to cover a proposed term loan B repayment.

The company priced an upsized $675 million of senior notes on Dec. 7, pricing a $275 million add-on to its 8 3/8% senior notes due May 15, 2018 at 102.25 to yield 7.964% and a new $400 million issue of 8 3/8% 10-year notes at 99.154 to yield 8½%.

Citi (800 558-3745), JPMorgan (800 245-8812) and Credit Suisse Securities (USA) LLC (800 820-1653) are the dealer managers. Global Bondholder Services Corp. is the depositary and information agent (866 389-1500 or call collect 212 430-3774).

The homebuilder is based in Irvine, Calif.

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