Irvine-based homebuilder Standard Pacific Corp. said Monday that it plans to sell $350 million in company-backed bonds.
The company said the funds will be used to payoff $125 million in outstanding debt due in 2010.
Other uses could be for acquisitions, the company said in a release. Most of Standard Pacific’s growth beyond California in recent years has been the result of acquisitions.
Last week Standard Pacific reported second-quarter profit of $174 million, up 80% from a year earlier, and revenue of $952 million, up 24%.
It also raised its profit outlook by 32% for 2005.
Shares of Standard Pacific were up 2.7% to $97.2 on Monday. The company previously announced a two-for-one stock split set for Aug. 8.
