Standard Pacific Corp. Announces Adjustment of Conversion Rate Applicable to 6% Convertible Senior Subordinated Notes Due 2012
IRVINE, Calif., July 31 /PRNewswire-FirstCall/ — Standard Pacific
Corp. (NYSE: SPF) today announced the adjustment of the conversion rate
applicable to its 6% Convertible Senior Subordinated Notes due 2012 in
connection with its previously announced proposed rights offering. The new
conversion rate is 119.5312 shares of the Company’s common stock per $1,000
principal amount of the notes. The conversion rate prior to such adjustment
was 114.2857 shares of the Company’s common stock per $1,000 principal
amount of the notes. The new conversion rate is subject to further
adjustments as provided in the indenture governing the notes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
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 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 and Nevada.
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.
Safe Harbor and Forward-Looking Statements
This news release contains forward-looking statements. Such statements
involve known and unknown risks, uncertainties, assumptions and other
factors many of which are out of our control and difficult to forecast that
may cause actual results to differ materially from those that may be
described or implied. In particular, to the extent that such statements
relate to the proposed rights offering referred to in this release, there
is a risk, among others, that the rights offering may not be commenced or,
if commenced, that any or all of such rights shall be exercised.
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.
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[Via Real Estate Newswire]