Standard Pacific investors tender $89.5 million of 7¾% notes so far

By Susanna Moon

Chicago, May 4 - Standard Pacific Corp. said holders had tendered $89.5 million principal amount of its 7¾% notes due March 15, 2013 as of the early tender deadline of 5 p.m. ET on May 3.

The tender offer will end at 5 p.m. ET on May 18. It began on April 20.

In a separate release on May 4, the company said it will redeem for cash all of its outstanding 6½% senior notes due 2010, 6 7/8% senior notes due 2011 and 7¾% senior notes due 2013.

The redemption date for the 6½% notes and 6 7/8% notes is June 2, and the redemption date for the 7¾% notes is June 3.

Under the tender offer, the company will pay $1,015.00 per $1,000 principal amount, including a premium of $2.08 for notes tendered by the early tender date.

Holders also will receive accrued interest to the purchase date.

The tender offer is conditioned on the receipt of proceeds from a concurrent public offering of senior notes of at least $125 million.

Standard Pacific said the purpose of the tender offer is to lengthen the maturity profile of its debt.

The company had previously noted its plans to redeem any notes that remain outstanding after the tender offer at $1,012.92 per $1,000 principal amount plus accrued interest to the redemption date.

Requests for documents and questions about the tender offer may be directed to Global Bondholder Services Corp. at 866 470-4500 or collect at 212 430-3774.

The homebuilder is based in Irvine, Calif.

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