Standard Pacific Corp. (NYSE:SPF), Irvine, Calif., after market close Tuesday filed an 8-K with the Securities and Exchange Commission reporting that it had agreed with lenders to swap a total of $27.6 million in 6% senior notes due in 2012 for an unspecified number of shares of common stock.

The company said in the filing that the total would include 597,656 shares and a volume-weighted average of shares traded during an agreed upon period amounting to a total of $21.1 million. Standard Pacific said the "exact number of shares...cannot yet be determined." It said it plans to close the deal on or before Sept. 8.

Standard Pacific at market close Tuesday had 101 million shares outstanding and a market cap of $376.76 million. Its shares were inactive in aftermarket trading but have been hammered during the past four trading days, falling from a high of nearly $4.50 last Wednesday to close at $3.30 Tuesday.

Raymond James on Monday downgraded SPF to market underperform based on what it considered a market overvaluation of the stock.