Standard Pacific Corp. Announces Expiration and Final Results of Its Tender Offer for Any and All of Its 7 3/4% Notes Due 2013

IRVINE, Calif., May 19, 2010 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) today announced the expiration and final results of its previously announced cash tender offer (the "Tender Offer") for its 7 3/4% Notes due March 15, 2013 (the "Notes").  

As of the expiration time of 5:00 p.m., New York City time, on May 18, 2010, according to information provided by the depositary, approximately $90 million of the Notes had been validly tendered, and the Company has accepted for purchase all of the Notes validly tendered at or before the expiration of the Tender Offer.  

As previously announced, the Company has provided notice of redemption to holders of the Notes and, on June 3, 2010, will redeem the approximately $31 million of Notes not tendered and accepted for purchase in the Tender Offer at the redemption price of $1,012.92 per $1,000 principal amount, plus accrued and unpaid interest.  

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 news release contains forward-looking statements regarding the redemption of the Notes.  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.  

SOURCE Standard Pacific Corp.

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