Standard Pacific announces proposed secondary public offering by asset management firm MatlinPatterson Global Advisers affiliate of 20,000,000 shares of common stock; Standard Pacific will receive no net proceeds from sale
May 14, 2013
– Standard Pacific Corp. (NYSE: SPF) today announced 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.
The Company has an effective registration statement (including a prospectus) on file with the Securities and Exchange Commission (the "SEC") and will file a prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed and will file with the SEC for more complete information about Standard Pacific and the proposed offering by MP CA Homes LLC. You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, copies may be obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, e-mail: email@example.com or toll free at (800) 221-1037.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of such 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 Homes (NYSE: SPF) has been building homes and neighborhoods since its founding in Southern California in 1965. We currently offer new homes in major metropolitan areas in Arizona, California, Colorado, Florida, North Carolina, South Carolina, and Texas.
This news release contains forward-looking statements. These statements include but are not limited to statements regarding the proposed offering. Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. The Company cannot be certain that the offering will be completed on the terms discussed above, or at all. For a discussion of certain other risks, uncertainties and other factors affecting the statements contained in this news release, see the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and its subsequent Quarterly Report on Form 10-Q. Except as required by law, the Company assumes no, and hereby expressly disclaims any, obligation to update any of the foregoing or any other forward-looking statements. The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this news release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligationto provide any other updates.
SOURCE Standard Pacific Corp.