Standard Pacific accepts tenders for $90 million 7¾% notes; remainder to be redeemed on June 3

By Jennifer Chiou

New York, May 19 - Standard Pacific Corp. said it accepted tenders from holders of $90 million of its 7¾% notes due March 15, 2013.

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

The company paid $1,015.00 per $1,000 principal amount, including a premium of $2.08 for notes tendered by the early tender date of 5 p.m. ET on May 3.

Holders also received accrued interest to the purchase date.

As already reported, the company will redeem for cash all roughly $31 million of remaining 7¾% notes at $1,012.92 per $1,000 principal amount plus accrued interest, along with its 6½% senior notes due 2010 and 6 7/8% senior notes due 2011.

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.

The tender offer was 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 was to lengthen the maturity profile of its debt.

Global Bondholder Services Corp. was the information agent (866 470-4500 or collect at 212 430-3774).

The homebuilder is based in Irvine, Calif.

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