Standard Pacific Corp. Provides Notice to Holders of 6% Convertible Senior
Subordinated Notes Due 2012
IRVINE, Calif., May 30 /PRNewswire-FirstCall/ -- Standard Pacific Corp.
(NYSE: SPF) today announced that notice has been given to holders of its 6%
Convertible Senior Subordinated Notes due 2012 that the Company intends to
distribute to the holders of its common stock rights entitling them to
purchase approximately 50.0 million shares of its common stock at a price of
$3.05 per share, which may be less than the last reported sale price of the
Company's common stock on the day immediately preceding the date of
declaration for the rights offering. The Company currently anticipates an
ex-dividend date for the distribution of rights on or after July 18, 2008,
which is at least 35 trading days after the date of the notice. From and
after the date of the notice, the notes may be surrendered for conversion at
any time until the earlier of the close of business on the business day
immediately prior to the ex-dividend date for the rights offering or the
Company's announcement that the rights offering will not take place.
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 102,000 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, Universal Land Title of South Florida 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 completed.
Contacts:
Andrew H. Parnes, Executive Vice President-Finance & CFO (949) 789-1616,
aparnes@stanpac.com or Lloyd H. McKibbin, 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, Vice President & Treasurer,
+1-949-789-1603, lmckibbin@stanpac.com, both of Standard Pacific Corp.
