December 9, 2010 (FinancialWire) (http://www.financialwire.net/) — Standard Pacific Corp. (NYSE: SPF) said that it plans to issue and sell $650 million of senior notes, with a portion of the proposed new notes to be additional notes to the company's outstanding 8 3/8% senior notes due 2018, and a portion of the proposed new notes to be a new series of senior notes due 2020, in a private offering.

The notes will be senior unsecured obligations of Standard Pacific, and will be guaranteed on a senior basis by all of the company's subsidiaries that have guaranteed the company's outstanding 2018 notes.  

Standard Pacific plans to use the proceeds from the offering of the notes to finance the purchase of its 9 1/4% senior subordinated notes due April 15, 2012, 6 1/4% senior notes due April 1, 2014 and 7% senior notes due August 15, 2015 in its previously announced cash tender offers and to pay the related consent fees, to prepay the $225 million principal amount outstanding under its term loan B credit agreement, and to pay all fees and expenses related to such purchases and repayments, including payments in connection with the termination of interest rate swap agreements related to the loan .  

To the extent there are any remaining proceeds from the offering after completion of such payments, the company plans to use such remaining amount for the repayment of up to around $27 million of outstanding intercompany indebtedness.  

California-based Standard Pacific is a homebuilder with operations in metropolitan areas in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada. 

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