Standard Pacific, Irvine, Calif. (NYSE:SPF) on Tuesday said it would issue and sell in a private offering $650 million in senior notes, with a portion in addition to the company's outstanding 8 3/8% senior notes due 2018 and a portion to be a new series of senior notes due 2020.

The company said it would use the proceeds 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 and to prepay the $225 million principal amount outstanding under its Term Loan B credit agreement.Any further proceeds would go to the repayment of up to approximately $27 million of outstanding intercompany indebtedness.

Earlier, the company announced the early tender results of its previously announced cash tender offers for any and all 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. Of the 91/4% 2012 notes, of which there are $70.5 million outstanding, $61.6 million were tendered by the deadline of close of business on Dec. 6. $143.7 million of a total of $150 million in 6 1/4% 2014 notes and $148.5 million of $175 million in 7% 2015 notes were tendered.

Fitch assigned a 'B1/RR4' rating to the new notes, well into junk territory with an average chance of recovery.

Shares of Standard Pacific closed down two cents, or a half a percentage point, at $3.99 Tuesday.