Standard Pacific increases unsecured credit facility to US$350M; CFO says additional liquidity and US$329M raised through August convertible debt, equity offerings will provide financial flexibility

Wendy Lisney

Wendy Lisney

IRVINE, California , October 22, 2012 (press release) – Standard Pacific Corp. (NYSE: SPF) today announced that it has amended its unsecured revolving credit facility to increase the total commitment to $350 million. The amended facility, which closed on October 19, 2012, has an accordion feature under which the aggregate commitment may be increased up to $550 million, subject to the availability of additional bank commitments and certain other conditions. $320 million of the amended facility matures in October 2015 and $30 million matures in February 2014.

The amended facility was arranged by J.P. Morgan Securities LLC and Citigroup Global Markets, Inc. as Joint Lead Arrangers and Joint Bookrunners. Other participant banks include Bank of America, Credit Suisse, Deutsche Bank, Bank of the West, Comerica Bank and Union Bank.

Jeff McCall, Chief Financial Officer stated, "This unsecured credit facility is an indication of the support and confidence our lenders have in the Company. The additional liquidity from this facility, coupled with the $329 million we raised through our convertible debt and equity offerings in August, provide us further financial flexibility to achieve our growth objectives."

About Standard Pacific

Standard Pacific, one of the nation's largest homebuilders, has built more than 115,000 homes during its 47-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 and Colorado. For more information about the Company and its new home developments, please visit our website at: www.standardpacifichomes.com.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

Share:

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.