Standard Pacific Plans to Sell S&L; Unit

(Dow Jones)

Home builder Standard Pacific Corp. said Tuesday it has tentatively agreed to shed its savings and loan unit, including the unit’s mortgage loan portfolio. The proposed buyer wasn’t disclosed.

Standard Pacific, which builds single-family homes in metropolitan markets in California and Texas, said the transaction involving Standard Pacific Savings won’t affect the company’s earnings significantly.

The company also said plans to offer $100 million of its senior notes, using proceeds to reduce debts.