Standard Pacific Plans 2nd Stock Offering
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COSTA MESA — Standard Pacific Corp. said Friday that it intends to issue 3 million shares of common stock in a secondary offering aimed at raising funds to reduce the company’s senior debt.
While no price has been set for the proposed issue, Standard Pacific’s stock closed Friday at $12.88 a share, down 63 cents on the New York Stock Exchange.
Since Jan. 1, when Standard Pacific switched its form of ownership to a stock company from that of a limited partnership, the Costa Mesa home-building and financial services company’s shares have traded as low as $11.50 and as high as $13.875.
Arthur E. Svendsen, Standard Pacific’s chairman and chief executive, said that a registration statement has been filed with the Securities and Exchange Commission but has not yet become effective.
Prudential-Bache Securities Inc., Shearson Lehman Hutton and Oppenheimer & Co. Inc. are managing the offering. Standard Pacific’s principal business is home building and the company specializes in medium-priced single-family homes. It has operations throughout California and in the Houston and Dallas markets.
A wholly owned subsidiary, Panel Concepts Inc. in Santa Ana, manufactures and markets office partitions and office furniture.
Standard Pacific Corp. also owns a small thrift, Standard Pacific Savings in Newport Beach.
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