Published: August 28, 2008
Standard Pacific Corp. Announces Results of Transferable Rights Offering to Stockholders
IRVINE, Calif., Aug. 28 /PRNewswire-FirstCall/ -- Standard Pacific Corp.
(NYSE: SPF) today announced the results of its previously announced
transferable rights offering of 50 million shares of common stock at the
subscription price of $3.05 per full share. The offer expired at 5 p.m.,New
York City time, on Friday, August 22, 2008. Rights to purchase approximately
27 million shares of the Company's common stock were exercised for a total
subscription price of approximately $83 million. Pursuant to the terms of the
Investment Agreement between the Company and MP CA Homes LLC, an affiliate of
MatlinPatterson Global Advisers LLC, MP CA Homes LLC is expected to purchase,
in the form of preferred stock, the common stock equivalent of the
approximately 23 million remaining shares not purchased in the rights
offering. The Company anticipates settlement of the rights offering on
September 3, 2008 and the consummation of the sale of the remaining shares to
MP CA Homes LLC on September 5, 2008.
As a result of the exercise of the rights and the additional investment by
MatlinPatterson, the Company will receive an aggregate of $152.5 million of
cash, before transaction expenses, further improving the Company's liquidity
position.
Additional Information
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 andNevada. 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.
Forward Looking Statements
This news release contains forward-looking statements, including
statements regarding the preliminary results of the rights offering, the
expected settlement date of the rights offering, MP CA Homes LLC's purchase of
the remaining rights offering shares and the expected improvement in the
Company's liquidity position. All forward-looking statements in this news
release reflect the Company's current analysis of existing facts and
information and represent the Company's judgment only as of the date of this
news release. Actual events or results might differ materially from these
statements due to risks and uncertainties. The Company expressly disclaims any
intent or obligation to update these forward-looking statements, except as
required to do so by law. For a discussion of certain of the risks,
uncertainties and other factors affecting the statements contained in this
news release, see the Company's most recent Quarterly Report on Form 10-Q.
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.
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