Standard Pacific Corp. (NYSE: SPF), Irvine, Calif., on Tuesday said it is planning a $200 million offering of senior notes due 2018. J.P. Morgan Securities Inc. is acting as sole bookrunning manager and Broadpoint.Gleacher as co-manager for the proposed offering.

The interest rate and other terms of the notes is to be determined at the time of pricing, the company said.

Standard Pacific plans to use the proceeds to buy back any and all of its 7 3/4% notes due in March, 15, 2013 provided it raises at least $125 million in the associated offering. Any remaining proceeds after the buyback would be used to repay approximatly $73.2 million in intercompany debt.

The company is offering a premium for notes tendered before 5:00 p.m. EDT on May 3, 2010. Note holders who tender before then would get $1,015.00 per $1,000 principal amount, a premium of $2.08 above the redemption price of$1,012.92 per $1,000 principal amount that will go into effect in the interim between early tender and the closeout of the offer at close of business in New York on May 18.