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SPF > SEC Filings for SPF > Form 8-K on 25-Oct-2013All Recent SEC Filings

Show all filings for STANDARD PACIFIC CORP /DE/

Form 8-K for STANDARD PACIFIC CORP /DE/


25-Oct-2013

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


ITEM 1.01 ENTRY INTO MATERIAL DEFINITIVE AGREEMENT

Effective October 24, 2013, Standard Pacific Corp. (the "Company") exercised its option under an accordion feature to increase the total commitments under its Amended and Restated Credit Agreement (the "Facility") from $350 million to $470 million.

In addition, pursuant to a Letter Agreement, the Company agreed to modify the maximum leverage ratio covenant under the Credit Agreement. Currently, the maximum leverage ratio is 2.50 to 1.00 and steps down to 2.25 to 1.00 commencing with the quarter ending March 31, 2014. As amended by the Letter Agreement, the maximum leverage ratio will step down further to 2.00 to 1.00 commencing with the quarter ending March 31, 2015.

There were no changes to the pricing or maturity. On the date of the Letter Agreement and accordion exercise, no amounts were outstanding under the Facility. Giving effect to the Company's exercise of the accordion, the total commitment of $470,000,000 was available to be drawn.

The foregoing description is qualified in its entirety by reference to the Letter Agreement, 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     Letter Agreement dated October 24, 2013 regarding Credit Agreement.


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