Home Builder to Sell Corporate IOUs: Standard...

Home Builder to Sell Corporate IOUs: Standard Pacific Corp., which netted almost $31 million in a secondary stock offering earlier this month, said it plans to raise an additional $100 million through the sale of senior notes, which are corporate IOUs. Proceeds of the sale are to be used to help reduce the Costa Mesa home-building company’s indebtedness under its revolving credit agreement, according to Chairman Arthur E. Svendsen. By reducing its credit agreement debt now, Standard Pacific will increase the funds available to it as the housing market recovers and it increases its construction activities.