Irvine-based homebuilder Standard Pacific Corp. said Monday its board cut its quarterly cash dividend amid the housing slump.
The homebuilder said the move will save the company $10 million, which will be used to reduce debt.
Also on Monday, Standard Pacific said it plans to sell $100 million in convertible debt. The notes, which Moody’s Investors Service has issued a “junk” rating on, mature in 2012.
Standard Pacific’s shares fell 13% on Monday. The company counts a market value of about $458 million.
