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Standard Pacific Escrow LLC, a US-based wholly-owned subsidiary of home building company Standard Pacific Corp., has priced $280 million aggregate principal amount of 10.75% senior notes due 2016 at an issue price of 91.99%.
The offering is expected to close on September 17, 2009.
Announcement (September 9, 2009):
Standard Pacific Escrow intends to issue and sell $200 million aggregate principal amount of senior notes due 2016 in a private offering.
The notes will be offered to qualified institutional buyers.
Deal Value (US$ Million) 280 Deal Type Private Placement Sub-Category None Deal Status Announced: 2009-09-09
Deal Participants
Target (Company) Standard Pacific Escrow LLC Acquirer (Company) Undisclosed Investors
Deal Rationale
Standard Pacific intends to use the net proceeds from the offering to finance the repurchase of its certain outstanding notes through tender offers and for the redemption or repurchase of other outstanding debt.
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