Key Developments: Standard Pacific Corp (SPF)
9.68USD
24 May 2013
$0.21 (+2.22%)
$9.47
$9.34
$9.69
$9.25
5,282,817
4,997,819
$9.97
$4.39
Latest Key Developments (Source: Significant Developments)
Standard Pacific Corp Announces Pricing Of Secondary Common Stock Offering By MP CA Homes LLC
Standard Pacific Corp announced the pricing of the previously announced public offering by selling stockholder MP CA Homes LLC, an affiliate of MatlinPatterson Global Advisers LLC, of 20,000,000 of its 237,212,786 shares (on an as converted basis) of the Company's common stock, at a public offering price of $9.50 per share, resulting in gross proceeds to the selling stockholder of approximately $190,000,000, before deducting underwriting discounts and commissions and other estimated offering expenses. The selling stockholder granted to the underwriters of the common stock offering an option to purchase up to an additional 3,000,000 shares of the Company's common stock solely to cover over-allotments. Credit Suisse Securities (USA) LLC is acting as sole bookrunner for the common stock offering. Zelman Partners LLC and CRT Capital Group LLC are acting as co-managers. The Company will not sell any shares in the common stock offering, and will not receive any of the proceeds from the sale by MP CA Homes LLC. The closing of the common stock offering is expected to occur on May 20, 2013. Full Article
Standard Pacific Corp Announces Secondary Common Stock Offering By MP CA Homes LLC
Standard Pacific Corp announced that the proposed public offering by selling stockholder MP CA Homes LLC, an affiliate of MatlinPatterson Global Advisers LLC, of 20,000,000 of its 237,212,786 shares (on an as converted basis) of the Company's common stock. The selling stockholder also expects to grant the underwriters of the proposed common stock offering an option to purchase up to an additional 3,000,000 shares of the Company's common stock solely to cover over-allotments. Credit Suisse Securities (USA) LLC will act as book-running manager for the proposed common stock offering. The Company will not sell any shares in the proposed common stock offering, and will not receive any of the proceeds from the sale by MP CA Homes LLC. Full Article
Standard Pacific Corp. Announces Pricing Of Convertible Senior Notes Due 2032 And 12.5 Million Shares Of Common Stock And Increases Notes Offering To $220 Million
Standard Pacific Corp. announced the pricing of its previously announced public offering of convertible senior notes due 2032, and the increase of 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. J.P. Morgan, Citigroup, Credit Suisse and BofA Merrill Lynch are acting as joint book-running managers for notes offering. The Company also announced the pricing of 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 approximately $70.9 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The Company granted 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. J.P. Morgan, Citigroup, Credit Suisse and BofA Merrill Lynch are also acting as joint book-running managers for the common stock offering. The Company intends to use net proceeds of the notes offering and concurrent common stock offering for general corporate purposes, including land acquisition and development, home construction, and other related purposes. The closing of the notes offering and common stock offering are expected to occur on August 6, 2012. Full Article
Standard Pacific Announces Proposed Concurrent Offering Of $150 Million Of Convertible Senior Notes Due 2032 And 12.5 Million Shares Of Common Stock
Standard Pacific announced the proposed public offering by the Company of $150 million aggregate principal amount of convertible senior notes due 2032. The Company also expects to grant the underwriters of the proposed notes offering an option to purchase up to an additional $22.5 million aggregate principal amount of notes solely to cover over allotments. J.P. Morgan, Citigroup, Credit Suisse and BofA Merrill Lynch will act as joint book-running managers for the proposed notes offering. The Company also announced the proposed concurrent public offering by the Company of 12.5 million shares of its common stock. The Company also expects to grant the underwriters of the proposed common stock offering an option to purchase up to an additional 1.875 million shares of common stock solely to cover over allotments. J.P. Morgan, Citigroup, Credit Suisse and BofA Merrill Lynch will also act as joint book-running managers for the proposed common stock offering. The Company intends 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. Neither the notes offering nor the common stock offering will be conditioned upon consummation of the other. Full Article
Standard Pacific Announces CEO Succession Plan
Standard Pacific announced that Ken Campbell, Chief Executive Officer, will resign from his role as CEO and as a member of the Board of Directors of the Company on January 1, 2012. Scott Stowell, the Company's President, will now begin to assume day-to-day management of the Company. He will receive the title of Chief Executive Officer and will join the Board of Directors upon Mr. Campbell's departure in January. Full Article
TEXT-Fitch ups Standard Pacific's IDR to 'B';outlook to positive
Dec 20 - Fitch Ratings has upgraded the Issuer Default Rating (IDR) of Standard Pacific Corp. (NYSE: SPF) to 'B' from 'B-'. Fitch has also revised SPF's Rating Outlook to Positive from Stable. A complete list of rating actions follows at the end of this release.
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