Standard Pacific Corp. Announces Adjustment of Conversion Rate Applicable to 6% Convertible...

Standard Pacific Corp. Announces Adjustment of Conversion Rate Applicable to
6% Convertible Senior Subordinated Notes Due 2012

IRVINE, Calif., July 31 /PRNewswire-FirstCall/ -- Standard Pacific Corp.
(NYSE: SPF) today announced the adjustment of the conversion rate applicable
to its 6% Convertible Senior Subordinated Notes due 2012 in connection with
its previously announced proposed rights offering. The new conversion rate is
119.5312 shares of the Company's common stock per $1,000 principal amount of
the notes. The conversion rate prior to such adjustment was 114.2857 shares
of the Company's common stock per $1,000 principal amount of the notes. The
new conversion rate is subject to further adjustments as provided in the
indenture governing the notes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Standard Pacific Corp.
Standard Pacific Corp., one of the nation's largest homebuilders, has
built homes for more than 100,000 families during its 42-year history. The
Company constructs homes within a wide range of price and size targeting a
broad range of homebuyers. Standard Pacific operates in many of the largest
housing markets in the country with operations in major metropolitan areas in
California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada. The
Company provides mortgage financing and title services to its homebuyers
through its subsidiaries and joint ventures, Standard Pacific Mortgage, Inc.,
SPH Home Mortgage and SPH Title. For more information about the Company and
its new home developments, please visit our website at:
http://www.standardpacifichomes.com.
Safe Harbor and Forward-Looking Statements
This news release contains forward-looking statements. Such statements
involve known and unknown risks, uncertainties, assumptions and other factors
many of which are out of our control and difficult to forecast that may cause
actual results to differ materially from those that may be described or
implied. In particular, to the extent that such statements relate to the
proposed rights offering referred to in this release, there is a risk, among
others, that the rights offering may not be commenced or, if commenced, that
any or all of such rights shall be exercised.
Contact:
Andrew H. Parnes, Executive Vice President-Finance & CFO (949) 789-1616,
aparnes@stanpac.com, or Lloyd H. McKibbin, Senior Vice President & Treasurer
(949) 789-1603, lmckibbin@stanpac.com.
SOURCE Standard Pacific Corp.

Andrew H. Parnes, Executive Vice President-Finance & CFO, +1-949-789-1616,
aparnes@stanpac.com, or Lloyd H. McKibbin, Senior Vice President & Treasurer,
+1-949-789-1603, lmckibbin@stanpac.com, both of Standard Pacific Corp.