Standard Pacific Corp. (NYSE: SPF) on Thursday announced that under its September 10th tender offer, some $255.4 million in notes set to mature between next year and 2013 had been validly tendered for redemption. The original tender offer was for up to $175 million in notes, plus accrued and unpaid interest.
Among the notes tendered were $133.4 million in 6 1/2% Notes due August 15, 2010; $121.9 million in 6 7/8% Notes due May 15, 201; and $3.4 million in 7 3/4% Notes due March 15, 2013. The company accepted all of the notes tendered for payment. It said it expected to settle the tender offers Thursday with $250.6 million in net proceeds from its September 17 private placement of $280 million of 10.75% senior notes due 2016 and cash.
The tender leaves the company with approximately $14 million in 2010, $49 million in 1011 and $121.5 million principal amount in 2013 notes outstanding.
Shares of SPF were up more than 12% at $3.54 in mid-afternoon trading as the entire builder group benefitted from coments by House Speaker Nancy Pelosi that Congress would consider extending the first-time home buyer tax credit that is set to expire at the end of November.