Standard Pacific Plans Share Offering, Increases Profit Projection for 2002
Irvine-based homebuilder Standard Pacific Corp. plans to sell 3.5 million shares, including 2.5 million from the company and 1 million from two former directors.
The company said it plans to use the proceeds from its shares to pay down debt and for general purposes including acquisitions.
Plans call for an overallotment option for up to 525,000 shares, including 200,000 that would be sold by the selling shareholders.
After the offering,a date for which wasn’t cited,the company expects to have about 32 million shares outstanding, if the overallotment option isn’t exercised.
Like other homebuilders, Standard Pacific is hot.
Last week the company upped its earnings projection for the year because of strong order levels, the improving economy and gains from its Westbrooke acquisition.
, Michael Lyster
