Thursday, Standard Pacific Corp. (SPF), said that it commenced $175 million of cash tender offers for debt securities.
The cash tender offer are for 6 1/2% 2010 Notes, 6 7/8% 2011 Notes and 7 3/4% 2013 Notes, maturing on August 15, 2010, May 15, 2011, and March 15, 2013 respectively, for $175 million, plus accrued and unpaid interest, if the company purchases only up to $50 million in principal amount of validly tendered 2013 Notes.
The Tender Offer for the 2010 Notes includes a consent solicitation for the amendment of the supplemental indenture governing the 2010 Notes to modify or remove certain restrictive covenants.
The Irvine, California-based company noted that the purpose of the Tender Offers was to lengthen the maturity profile of its indebtedness, while the Consent Solicitation intended to allow greater flexibility in business operation.
The Notes holders who validly tender their Notes at or prior to 5:00 p.m., New York City time, on September 23, 2009, will receive the applicable consideration pursuant to their applicable Tender Offer and will also receive "Early Tender Premium."
The Tender Offers expires at 11:59 p.m., New York City time, on October 7, 2009, unless extended by the company or one of the Tender Offers is terminated earlier.
Wednesday, SPF closed regular trading on the NYSE at $3.52.
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