Standard Pacific Corp. (SPF: Quote) said Tuesday that it has priced its public offering of convertible senior notes due 2032 and that it has increased the offering size to $220 million aggregate principal amount.
The company also granted to the underwriters of the notes offering an option to purchase up to an additional $33.0 million aggregate principal amount of notes solely to cover over allotments.
Standard Pacific also said that it has priced the concurrent public offering by the company of 12.5 million shares of its common stock, at a public offering price of $5.67 per share, resulting in gross proceeds of about $70.9 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
The company has granted to the underwriters of the common stock offering an option to purchase up to an additional 1.875 million shares of common stock solely to cover over allotments.
The closing of the notes offering and common stock offering are expected to occur on August 6. Neither the notes offering nor the common stock offering will be conditioned upon consummation of the other.
The company plans to use the net proceeds of the notes offering and the concurrent common stock offering for general corporate purposes, including land acquisition and development, home construction, and other related purposes.
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by RTT Staff Writer
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