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SPF > SEC Filings for SPF > Form 8-K on 1-Oct-2013All Recent SEC Filings

Show all filings for STANDARD PACIFIC CORP /DE/

Form 8-K for STANDARD PACIFIC CORP /DE/


1-Oct-2013

Entry into a Material Definitive Agreement, Creation of a Direct Finan


ITEM 1.01 ENTRY INTO MATERIAL DEFINITIVE AGREEMENT

On September 26, 2013, Standard Pacific Corp. (the "Company") entered into a First Amendment (the "Amendment") to its Amended and Restated Credit Agreement (the "Facility") with JPMorgan Chase Bank, N.A, as administrative agent and the other lenders named therein.

Before the Amendment, the Company's advances were subject to a weighted borrowing base availability calculation and to a repayment requirement if the Company's outstanding debt ever exceeded borrowing base availability. The Amendment eliminates the borrowing base and modifies the mandatory repayment requirement. As amended, the Company will be required to repay the facility (in an amount necessary to reduce the deficiency) if (x) the sum of defined categories of indebtedness (as set forth in the Amendment) exceeds (y) 60% of mandatory prepayment test assets (as defined in the Amendment).

In addition, the Amendment adds an alternative minimum liquidity covenant to the Facility such that the Company must comply with either (but not both) an interest coverage ratio (currently 1.00 to 1.00; increasing to 1.25 to 1.00 on March 31, 2014 and thereafter) or a minimum liquidity covenant (one times last twelve months cash interest expense).

There were no changes to the pricing, maturity, commitment amount or accordion feature of the Facility. On the Amendment date no amounts were outstanding under the Facility and, giving effect to the Amendment, the total commitment of $350,000,000 was available to be drawn.

The foregoing description is qualified in its entirety by reference to the Amendment, a copy of which is filed as an exhibit to this Current Report on Form 8-K and is incorporated by reference herein.



ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT

The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

EXHIBIT
NUMBER    DESCRIPTION

 10.1     First Amendment to Amended and Restated Credit Agreement


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