Standard Pacific to Sell Securities Over Time
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Standard Pacific Corp. said Tuesday that it plans to sell up to $350 million worth of various securities on a delayed basis, allowing it to raise money when financing needs arise or when market conditions are favorable.
The Irvine home builder, which operates in California, Texas, Arizona and Colorado, said in a filing with the Securities and Exchange Commission that it would offer debt securities and preferred and common stock, along with warrants and guarantees.
Standard Pacific said it plans to use the net proceeds from the securities sale for general corporate purposes, which may include acquisitions or construction of new residential properties.
Its stock gained 31 cents Tuesday to close at $22.69 a share.
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