Standard Pacific Corp. Provides Notice of Terms of Transferable Rights Offering to Stockholders

2008-07-21 07:55:00

Standard Pacific Corp. Provides Notice of Terms of Transferable Rights Offering to Stockholders

    IRVINE, Calif., July 21 /EMWNews/ -- Standard Pacific

Corp. (NYSE: SPF) today announced the terms of its previously announced

transferable rights offering of common stock. The Company will issue

transferable subscription rights to purchase approximately 50,000,000

shares of the Company's common stock to all of its common stockholders of

record as of July 28, 2008. The rights offering is being made pursuant to

the Investment Agreement, dated as of May 26, 2008, as amended, between the

Company and MP CA Homes LLC, an affiliate of MatlinPatterson Global

Advisers LLC. Pursuant to the Investment Agreement, MP CA Homes will serve

as a standby purchaser in the rights offering and purchase, in the form of

preferred stock, the common stock equivalent of all shares not purchased

through the exercise of subscription rights by the Company's other

stockholders. Each of the Company's stockholders as of the record date will

receive one subscription right for each share of common stock held as of

the record date, which subscription right will entitle the stockholder to

purchase 0.7 shares of common stock at $3.05 per full share. No fractional

shares will be issued in the rights offering. The rights are transferable

and are expected to be admitted for trading on the New York Stock Exchange

under the symbol "SPF RT". The rights offering will expire at 5:00 p.m. New

York City time on August 22, 2008, unless it is extended.




Important Dates: Last Day to Buy Stock and Receive Rights ....... July 23, 2008 Shares Trade Ex-Rights ......................... July 24, 2008 Record Date .................................... July 28, 2008 Subscription Period ............................ From August 4, 2008 To August 22, 2008 (1) Last Day Rights May Be Traded .................. August 21, 2008 (1) Expiration Date ................................ August 22, 2008 (1) (1) Unless the rights offering is extended. A copy of the prospectus supplement relating to the rights offering along with additional materials related to the rights offering will be mailed to the Company's stockholders as of the record date as soon as practicable on or about August 4, 2008. Stockholders may also obtain a copy of the prospectus supplement from the information agent for the rights offering, The Altman Group, 1200 Wall Street West, 3rd Floor, Lyndhurst, NJ 07071,Call toll-free: (866) 864-4946, Banks and Brokers call: (201) 806-7300. Credit Suisse Securities (USA) LLC is acting as Dealer Manager for the rights offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

    About Standard Pacific Corp.



    Standard Pacific Corp., one of the nation's largest homebuilders, has

built homes for more than 100,000 families during its 42-year history. The

Company constructs homes within a wide range of price and size targeting a

broad range of homebuyers. Standard Pacific operates in many of the largest

housing markets in the country with operations in major metropolitan areas

in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada.

The Company provides mortgage financing and title services to its

homebuyers through its subsidiaries and joint ventures, Standard Pacific

Mortgage, Inc., SPH Home Mortgage, Universal Land Title of South Florida

and SPH Title. For more information about the Company and its new home

developments, please visit our website at:

http://www.standardpacifichomes.com.



    Safe Harbor and Forward-Looking Statements



    This news release contains forward-looking statements. Such statements

involve known and unknown risks, uncertainties, assumptions and other

factors many of which are out of our control and difficult to forecast that

may cause actual results to differ materially from those that may be

described or implied. In particular, to the extent that such statements

relate to the proposed rights offering referred to in this release, there

is a risk, among others, that the rights offering may not be commenced or,

if commenced, completed, and that the rights may not be traded on the New

York Stock Exchange.




Contact: Andrew H. Parnes, Executive Vice President-Finance & CFO (949) 789-1616, aparnes@stanpac.com. or Lloyd H. McKibbin, Senior Vice President & Treasurer (949) 789-1603, lmckibbin@stanpac.com.

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