form8_k.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  September 3, 2009
 
STANDARD PACIFIC CORP.
(Exact Name of Registrant as Specified in Charter)
______

Delaware
1-10959
33-0475989
(State or Other Jurisdiction of
Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
     
26 Technology Drive, Irvine, California
  
 
92618-2338
(Address of Principal Executive Offices)
  
(Zip Code)

(949) 789-1600
(Registrant’s telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 

 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 




 
 
 


 

Item 1.01       Entry into a Material Definitive Agreement.

Effective September 3, 2009,  the Term Loan B Credit Agreement, dated as of May 5, 2006, among the Company, Bank of America, as Administrative Agent, and the lenders party thereto was amended to provide that the Company would be required to pay a fee equal to 50 basis points per quarter  on the outstanding principal amount of the loans under the Term Loan B Credit Agreement if the Company fails to maintain either a minimum ratio of cash flow from operations to consolidated homebuilding interest incurred, a minimum ratio of home building EBITDA to consolidated home building interest incurred or a maximum ratio of combined net home building debt to consolidated tangible net worth. In addition, the amendment increases the ratio of cash flow from operations to consolidated homebuilding interest incurred and homebuilding EBITDA to consolidated homebuilding interest incurred test from 1.0 to 1.0 to 1.25 to 1.0 for each fiscal quarter following September 30, 2011.

The description of the Amendment set forth herein does not purport to be complete and is qualified in its entirety by the provisions of the Amendment, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference. 

Item 9.01
Financial Statements and Exhibits.
  


(d)
Exhibits
  


Exhibit Number
                  Description                                                       
10.1
Third Amendment of Term B Credit Agreement, effective as of September 3, 2009, by and among the Company and Bank of America, N.A., as Administrative Agent for the Term B Lenders.
   

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:           September 3, 2009
       
STANDARD PACIFIC CORP.
  
     
     
By:
  
/s/ JOHN M. STEPHENS
  
   
John M. Stephens
Senior Vice President and
 Chief Financial Officer
  






 
 
 



 
EXHIBIT INDEX




Exhibit Number
                     Description                                                       
10.1
Third Amendment of Term B Credit Agreement, effective as of September 3, 2009, by and among the Company and Bank of America, N.A., as Administrative Agent for the Term B Lenders.