Standard Pacific Corp. Announces Proposed Offering of $200 Million of Senior Notes Due 2018

IRVINE, Calif., April 20, 2010 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) today announced the proposed public offering by the Company of $200 million aggregate principal amount 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 certain other pricing terms of the notes will be determined at the time of pricing of the offering by the Company and the underwriters.  The notes will be senior obligations of the Company and secured by a pledge of the equity interests of certain of its subsidiaries.  In addition, the notes will be guaranteed on a senior basis by substantially all of the Company's subsidiaries that have guaranteed the Company's existing notes.

The Company intends to use the net proceeds of the offering to purchase through a tender offer any and all of the Company's outstanding 2013 notes and to redeem any such notes that are not validly tendered and accepted for payment in the tender offer, with any remaining proceeds to be used to repay approximately $73.2 million of the Company's outstanding intercompany indebtedness.    

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of such 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.  Any offer will be made only by means of a prospectus supplement and related base prospectus or by a free writing prospectus in accordance with the rules of the Securities and Exchange Commission ("SEC").

Standard Pacific has filed a registration statement (including a prospectus) and will be filing a prospectus supplement with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus (including the prospectus supplement when available) in that registration statement and other documents Standard Pacific has filed with the SEC for more complete information about Standard Pacific and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov.  Alternatively, copies of the prospectus relating to the offering may be obtained from J.P. Morgan Securities Inc., 383 Madison Avenue, Floor 3, New York, New York 10179 or toll free at 1-800-245-8812.

About Standard Pacific Corp.

Standard Pacific, one of the nation's largest homebuilders, has built more than 110,000 homes during its 44-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.

This press release contains forward-looking statements. These statements include but are not limited to the proposed offering and the intended use of the net proceeds from the offering.  Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. The Company expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law. For a discussion of certain of the risks, uncertainties and other factors affecting the statements contained in this press release, see the Company's Annual Report on Form 10-K for the year ended December 31, 2009 and its subsequent Quarterly Reports on Form 10-Q.

SOURCE Standard Pacific Corp.